While there has been some scrambling to amend contracts linked to Libor over the past month, the transition was well telegraphed and no major issues are expected, loan and derivatives market participants and lawyers said in interviews. "I feel like it has been two to three years now that we have been re-papering all the legacy loans and legacy securities we purchased tied to Libor," said Scott DiMaggio, co-head of fixed income, at Alliance Bernstein. Friday at 11:55 a.m. British Summer Time (1055 GMT) marked the last publication for the 1-month, 3-month and 6-month U.S.-dollar Libor interest rates. Other U.S. dollar tenors were largely phased out for new contracts at the end of 2021 along with Libor rates linked to other currencies. Derivatives markets based on Libor had already mostly moved to new benchmarks without major disruption, while some corners of the loan markets, such as syndicated loans, have been busy with contract amendments, market participants said.

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Persons: Scott DiMaggio, Alliance Bernstein, Shah, Federal Reserve Bank of New York's, Libor, Tal Reback, Gennadiy Goldberg, John McCrank, Gertrude Chavez, Dreyfus, Alden Bentley, Stephen Coates Organizations: YORK, Alliance, Regulators, Federal Reserve Bank of New, U.S, Britain's, Authority, Libor, TD Securities, Thomson Locations: London, Iran, U.S, New York