Get a move on in scrapping Libor, UK asset managers tell issuers By Reuters

LONDON (Reuters) – Britain’s asset managers called on companies to “step up” efforts to switch the pricing of bonds worth 108 billion pounds ($147.38 billion) from Libor to an alternative.

“With the deadline now fast-approaching, there remains a significant number of outstanding Libor-linked bonds which have not yet transitioned to a new rate,” the Investment Association said in a letter to companies that issue securities on Wednesday.

The London Interbank Offered Rate is being scrapped at the end of December, largely replaced in Britain with a rate compiled by the Bank of England.