Debt Management, Federal Advocacy

10 Steps: Finding Your Exposure to LIBOR-and What to Do About It

Page from April 2021 issue of GFR

The London Interbank Offered Rate (LIBOR) is a global benchmark interest rate calculated daily, and it is the most widely used benchmark in the capital markets. State and local governments often see this rate in swaps/derivatives products intertwined with municipal debt, and in floating rate notes, lease contracts, bank loans, direct placements, and other types of financings and credit enhancements.

Make a list of all your exposure and track this list throughout 2021. Check off the exposure that has been eliminated. And remember—always call your bond counsel!


  • Publication date: April 2021
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