THE National Association of Corporate Treasurers’ (NACT) summer conference in New York opened this year with a briefing from PwC on interest rates and other regulatory reform. It was my pleasure to join Tom Deas, Chairman, and NACT members at the conference for the interesting programme which included a full ‘open morning’ session with only corporate treasurers. But, back to regulatory reforms – Tom introduced the session and gave an overview of his involvement so far in terms of consultation. He has been there from the beginning, and the NACT is one of 27 financial organisations continuing the work in
ICE Benchmark Administration (IBA) has been consulting on proposals for the evolution of the LIBOR benchmark. Have your say now. IBA’s Roadmap paper on the Evolution of LIBOR, published 18 March 2016, sets out a new standardised submissions methodology for contributor banks. While there are no plans to discontinue any of the current 35 LIBOR rates, it may be that certain currency / tenor rates are harder to centrally calculate than others, hence it would be very useful to understand the usage and also the available alternatives and fall-backs for each of the LIBOR rates. As part of this process,
Bloomberg broke it thus:
Apple’s $1 billion of floating debt due 2016 pays 5 basis points, or 0.05 percentage point, more than the three-month London interbank offered rate, and its $2 billion, five-year floater yield 25 basis points more than the benchmark, Bloomberg data show
Apple Raises $17 Billion in Record Corporate Bond Sale, Charles Mead & Sarika Gangar, April 30, 2013 10:42 pm GMT+0100, http://www.bloomberg.com/news/2013-04-30/apple-plans-six-part-bond-sale-in-first-offering-since-1996-1-.html..