On April 3, the Financial Conduct Authority (FCA) announced that synthetic versions of the 1-month, 3-month and 6-month U.S. dollar LIBOR rates would continue to be published until September 2024, extending the original June 30, 2023 cessation date. The latest decision is intended to give market participants additional time to transition away from LIBOR to alternative benchmark rates. The regulator’s decision, which follows its November 2022 Consultation, is the latest sign of how challenging the transition process has proven to be for some. This has been particularly true in the leveraged loan market where market participants disagree on the “appropriate terms of switching.”  Read more.