ISDA has published the following statement in response to today’s announcement by JBA TIBOR Administration (JBATA), the administrator of yen TIBOR and euroyen TIBOR.

“JBATA has launched a public consultation on whether to permanently cease euroyen TIBOR and the specific timing of any cessation. The consultation also seeks views on when market participants should stop entering into new cash and interest rate swap trades referencing euroyen TIBOR. JBATA stated that the results of the consultation will be published by March 31, 2024.

“Launch of the public consultation does not constitute an index cessation event under the IBOR Fallbacks Supplement to the 2006 ISDA Definitions, the 2021 ISDA Interest Rate Derivatives Definitions or the ISDA 2020 IBOR Fallbacks Protocol. The consultation will therefore not trigger the fallbacks for euroyen TIBOR under the supplement, definitions or protocol (ie, to the adjusted risk-free rate plus spread) or have any effect on the calculation of the spread applicable to these fallbacks. The statement will also not trigger fallbacks under the 2018 ISDA Benchmarks Supplement or its protocol.”

This statement is for information purposes only. It does not constitute legal advice and should not be considered an explanation of all relevant issues. You should consult your legal advisors and any other advisor you deem appropriate in considering the issues discussed herein.

For additional information on benchmark reform, visit ISDA’s benchmark reform and transition from LIBOR page on the ISDA website.

For Press Queries, Please Contact:

Nick Sawyer, ISDA London, +44 20 3808 9740, nsawyer@isda.org

Joel Clark, ISDA London, +44 20 3808 9760, jclark@isda.org

Christopher Faimali, ISDA London, +44 20 3808 9736, cfaimali@isda.org

Nikki Lu, ISDA Hong Kong, +852 2200 5901, nlu@isda.org