Libor Transition: No please I insist, you go first

It's not easy taking a dive into the unknown. But like parachuters lined up for the jump, go we must. But when? There is no big bang moment for the Libor transition. A series of mini bangs maybe. The 25th of January 2021, in effect, was one. Since then, all new Ibor-referenced derivatives glide towards fallback rates, with no going back. The next key step will be fixing the spreads to help transition from existing Ibors to fallbacks. We don't know when exactly, but it's due.