The Euro Interbank Offered Rate (EURIBOR) Definition

GLOSSARY

What does The Euro Interbank Offered Rate (EURIBOR) mean?

The Euro Interbank Offered Rate—the rate of interest published by the European Banking Federation on a daily basis, which reflects the rates at which Eurozone banks are willing to lend money, ie offer deposits to other institutions.

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Market disruption clauses in (LIBOR-based) facility agreements [Archived]

Market disruption clauses in (LIBOR-based) facility agreements [Archived] ARCHIVED: This Practice Note has been archived and is not maintained. In summary, a market disruption clause sets out how interest is calculated for a loan if a lender’s cost of funding the loan is in excess of London Interbank Offered Rate (LIBOR) (or other designated benchmark)—this can happen in particular where there are problems with the financial system leading to the freezing of markets or solvency problems with the particular lender. Either of these is likely to result in an increased cost of funding for the lender. Market disruption clauses are usually included in facility agreements where interest is calculated by reference to a floating rate such as LIBOR or Euro Interbank Offered Rate (EURIBOR). This Practice Note deals with market disruption clauses in the context of LIBOR-related syndicated facilities. Equivalent considerations apply to syndicated facilities which calculate interest rates by reference to EURIBOR and other benchmark rates. The transition away from LIBOR to risk-free rates such as SONIA...

Key parties, documents and terms of a commercial mortgage-backed securities transaction

Key parties, documents and terms of a commercial mortgage-backed securities transaction An introduction to commercial mortgage-backed securities Commercial mortgage-backed securities (CMBS) are notes that are offered to investors which are collateralised by a loan or a pool of loans secured by commercial real estate property(ies) (eg office blocks or factories). The basic structure for a CMBS transaction typically involves the following: • a special purpose vehicle (SPV) (the Issuer) is created and raises funds by issuing the CMBS notes to investors • the Issuer utilises the proceeds from the issue of the CMBS notes to either: ◦ purchase one or more loans (each a Loan) which are secured by way of a mortgage over commercial real estate property(ies) from an originating bank (the Originator), or ◦ lend directly as the original lender of the underlying Loan(s) to the underlying borrower(s) (each a Borrower) for the purpose of acquiring commercial real estate property(ies) the first being the more common approach than the second scenario (known as...

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Financial Services weekly highlights—19 October 2023

This week's edition of Financial Services weekly highlights includes: the FCA chair outlining priorities for asset management regime reform; Nikhil Rathi discusses plans to enhance UK competitiveness; Financial Services aspects of the European Commission Work Programme 2024; Directive on financial services contracts concluded at a distance–Parliament publishes adopted text; James Burnie’s WEB3 column—the UK’s cryptoasset financial promotion regime, plus dates for your diary over the coming week.

Corporate Crime weekly highlights—19 October 2023

This week's edition of Corporate Crime weekly highlights includes analysis on the use of ‘draconian’ confiscation orders, of a recent Supreme Court case which ruled that refusal to hold a new inquest into a 1980s killing cannot be challenged under the Human Rights Act 1998 and of a recently sanctioned Russian banker’s request for the UK to grant him licences to pay for the upkeep of his mansion and his staff's salaries. Also included is news of the launch of an independent review into disclosure and fraud offences, of the Criminal Cases Review Commission (CCRC) announcement that a financial market trader’s conviction relating to the Euro Interbank Offered Rate (EURIBOR) has been referred to the Court of Appeal and of the government's planned reforms for criminal justice. All this, and more, in this week’s Corporate Crime highlights.

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