Replacement of CHF LIBOR
Article 1
Open ↗1. The following rates are designated as the replacement rates for the CHF LIBOR in references to CHF LIBOR in any contract, and in any financial instrument as defined in Directive 2014/65/EU: (a) 1-month CHF LIBOR is replaced by 1-month SARON compound Rate, as observed over the 1-month period preceding the interest period; (b) 3-month CHF LIBOR is replaced by 3-month SARON Compound Rate, as observed over the 3-month period preceding the interest period; (c) 6-month CHF LIBOR is replaced by 3-month SARON Compound Rate, as observed over the 3-month period preceding the interest period; (d) 12-month CHF LIBOR is replaced by 3-month SARON Compound Rate, as observed over the 3-month period preceding the interest period. 2. A fixed spread adjustment shall be added to the replacement rates designated pursuant to paragraph 1. That fixed spread adjustment shall be equivalent to the spread published for each relevant tenor and calculated on 5 March 2021 as a historical median spread between the CHF LIBOR concerned and the respective SARON compound over a five-year lookback period for each particular term. 3. The replacement rates for CHF LIBOR shall be designated in accordance with the following table: LIBOR TENOR Replacement Rate Spread Adjustment Value (%) CHF 1M SARON 1 month Compound Rate (SAR1MC) ISIN CH0477123886 -0,0571 CHF 3M SARON 3 month Compound Rate (SAR3MC) ISIN CH0477123902 0,0031 CHF 6M SARON 3 month Compound Rate (SAR3MC) ISIN CH0477123902 0,0741 CHF 12M SARON 3 month Compound Rate (SAR3MC) ISIN CH0477123902 0,2048