IBOR Transition - Moving Away from LIBOR and CDOR

For decades, Interbank Offered Rates (IBORs) have been used as reference rates for trillions of dollars of financial products including derivatives, bonds, loans, securitizations, and deposit accounts at TD and other financial institutions in North America and around the world. However, a global interest rate benchmark reform effort has been in progress to transition from IBORs to alternative reference rates (ARRs).

This shift impacts several IBORs such as the London Interbank Offered Rate (LIBOR) – the most frequently used IBOR – and the Canadian Dollar Offered Rate (CDOR).

 

What clients can expect

 

The discontinuance of LIBOR and CDOR may affect your products and services. TD is actively engaging with industry bodies and market participants to support a smooth transition away from LIBOR and CDOR. TD has and will make every effort to inform you of any significant market developments.

TD recommends that you review your IBOR exposures, as well as contracts with an IBOR reference, and work with your independent financial and legal advisors to ensure you are ready for the transition. We also encourage you to speak with your TD Sales, Account or Relationship Manager for additional information.

For more information, we invite you to review the additional content on this site.

 

LIBOR Cessation Update

 

The USD LIBOR bank panel ended on June 30, 2023. Please refer to 'LIBOR Transition to SOFR' under 'Frequently Asked Questions' for more information about LIBOR cessation.