When is PrecisionLender ending support for Libor rates?

In accordance with US and international regulatory guidelines, Libor rates will no longer be published after June 30, 2023. After that date, there will be no updated Libor rates for us to provide in PrecisionLender. 


What other funding curves and indices can I use instead of Libor?

We suggest SOFR as a replacement for Libor, but you can use whichever other funding curves and indices we offer. For a list of funding curves and indices supported by PrecisionLender, see the following articles:


What happens if I don't update our admin configurations to use a different funding curve or index by June 30th?

For 10 days after June 30, any opportunities using Libor will contain stale rates since June 30 is the last day we will have new Libor data. After that 10 day point, your existing opportunities using Libor will not be able to be opened and will display an error message if you try to load them. To avoid any issues accessing opportunities after the sunset date, please make sure you update your admin settings to remove Libor before June 30.


How do I update my funding packages and regions to use a different funding curve?

To update the funding curve used in your pricing assumptions, you'll need to edit your funding packages to select a new funding curve, and then make sure your regions are using the correct funding package.

Please note that you won't be able to delete a funding package if it's currently being used as the default. You'll need to select a new default funding package before you can delete the old default.

Index selections for each rate type are made in the product assumptions. For fixed rate loans, the index can be set at the product level and the regional level. 


What do I need to do about my existing opportunities that currently use Libor?

Once you've updated your admin options to use a different funding curve, you don't need to manually update your existing opportunities unless you want to. No bulk update of your existing opportunities will be required.

If you open an existing opportunity and you have already updated your funding packages and other admin settings to remove Libor, we will use the product's default assumptions to load that opportunity. You can also fast-forward your pricing date after you open an existing opportunity if you want updated pricing assumptions.