‘Zombie’ LIBOR for USD Contracts

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Les Jacobowitz, Partner Arent Fox Les has over 30 years of experience representing issuers, borrowers (including not-for-profits), governmental entities, underwriters, and financial institutions in domestic and international transactions. He has provided counsel on deals involving $25 billion or more, as well as restructurings and workouts of an additional $41 billion. He has worked with governmental entities, private companies, banks, investment banks and funds in all aspects of financing, including the lending, securitization, real estate, public finance, not-for-profit, health care, restructuring, energy & environment, and infrastructure & privatization financing areas and related litigation. He is also experienced in financings involving asset-backed securities, collateralized debt obligations, collateralized loan obligations, and commercial mortgage-backed securities, representing issuers, investment banks, funds, liquidity banks, and credit enhancers. Paul Noring, Managing Director Berkeley Research Group Paul Noring, CPA is a Managing Director with Berkeley Research Group based out of Washington, DC. Mr. Noring has over 33 years of banking and capital markets experience. Prior to joining BRG in September 2019, he spent thirteen years at Navigant Consulting where he led the Banking, Insurance & Capital Markets practice. Prior to that he was a senior officer at Fannie Mae and a Partner in the Banking & Capital Markets group at PricewaterhouseCoopers. Over the last three years, Mr. Noring has been deeply involved in LIBOR transition efforts. He is a member of the Mortgage Bankers Association (MBA) LIBOR Transition working group. He has given speeches, webinars, townhalls and training on the topics to various financial institutions. He has also written thought leadership pieces and spent considerable time evaluating non-SOFR alternatives such as Ameribor. He has worked with both mid-size banks and large institutions around their transition efforts. Most of the initial emphasis has been on governance, mobilization, project planning and program management. He is also actively involved in addressing system considerations associated with moving from simple interest calculations to compound interest. Mr. Noring has deep prior experience with loan accounting, derivative operations, hedge accounting and asset / liability management. He has worked with all types and sizes of financial institutions from community banks to almost all of the world’s largest global institutions. He has also spent significant time interfacing with Boards of Directors and bank regulators.