LIBOR Replacement Index Communication Tool User Guide

LIBOR Replacement

Index Communication

Tool User Guide

Instructions for communicating your security’s

transition off the LIBOR benchmark.

Date:

3/1/2023

LIBOR Replacement Index Communication Tool User Guide 
Financial Markets. Forward.
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TABLE OF CONTENTS 
ABOUT THE LIBOR REPLACEMENT INDEX COMMUNICATION TOOL ........................................................................................ 3 
Overview……………….. .............................................................................................................................................................. 3 
How It Works……….. ................................................................................................................................................................... 3 
Who Can Use It?.................................................................................. ......................................................................................... 3 
OVERVIEW OF THE LIBOR PRODUCT PAGE ................................................................................................................................ 3 
Navigating to the LIBOR Product Page ........................................................................................................................................ 3 
Beginning the LIBOR Replacement Process ................................................................................................................................ 4 
PROVIDING CONTACT INFORMATION .......................................................................................................................................... 5 
Overview…………………………………………………………….…………………………………………………………………………..5 
Navigation………………. ............................................................................................................................................................. 5 
UPDATING THE BENCHMARK REPLACEMENT USING .CSV OR EXCEL TEMPLATES .............................................................. 8 
Overview………………. ............................................................................................................................................................... 8 
Filling Out the Spreadsheet ......................................................................................................................................................... 8 
UPLOADING YOUR INDEX REPLACEMENT SPREADSHEET AND ANY ADDITIONAL DOCUMENTS ... …………………………10 
MANUALLY UPDATING THE BENCHMARK REPLACEMENT TO TERM SOFR OR AN ALTERNATIVE REFERENCE RATE ... 13 
Overview……………… .............................................................................................................................................................. 13 
Navigation…………….. .............................................................................................................................................................. 13 
Review & Submit…………………………………….. .................................................................................................................... 15 
Data Dictionaries & Tool Tips ..................................................................................................................................................... 17 
ADDITIONAL HELP………… ......................................................................................................................................................... .18 
 
   

LIBOR Replacement Index Communication Tool User Guide

Financial Markets. Forward.

About the LIBOR Replacement Index Communication Tool

Overview

The London-Interbank Offered Rate index will be retired in June 2023. Securities that are currently using

the LIBOR (USD) benchmark to calculate their interest rates will need to choose and communicate a

replacement rate to the investor community ahead of the retirement date.

By working with the Alternative Reference Rates Committee (ARRC) and other various industry

organizations, DTCC has been able to compile requirements to create a centralized process to disseminate

benchmark replacement details provided by issuers, trustees, and agents to DTCC through different types

of output, including the LENS repository and an Autoroute file directly to subscribed Participants and service

providers.

How It Works

By offering a centralized communication tool of the LIBOR benchmark replacement information submitted

through DTCC;

issuers, trustees, agents, and the investor community can better prepare for the LIBOR retirement rate.

This process will enable users to:

▪ Provide contact information for Information Submitters and Information Sources

▪ Provide benchmark replacement details for multiple CUSIPs through .CSV or Excel upload.

▪ Provide benchmark replacement details for single CUSIPs through webform interface upload.

▪ Provide any accompanying documentation that describe the changes to the specific securities in

more detail.

The new process will allow for the fielding of descriptive reference data for efficient, machine-to-machine

communication instead of assigning individuals or teams to review large, complex legal documents to

determine these details.

Who Can Use It?

Issuers, trustees, and agents will be able to input descriptive benchmark replacement rates directly into

DTCC’s system. Users of LENS will be able to select and view this information as a new notice type. In

addition, buy-side, sell-side, and data providers will be able to subscribe to and consume the automated

output by contacting DTCC Data Services.

Overview of the LIBOR Product Page

Navigating to the LIBOR Product Page

Issuers, trustees, and agents can navigate to the LIBOR Product Page via DTCC.com. The LIBOR

Product Page provides an overview of the LIBOR retirement effort; an explanation of how the new process

for replacing LIBOR works; and a description of who can use the service.

Individuals can also access useful information about LIBOR replacement such as:

▪ A LIBOR Replacement Fact Sheet

▪ A LIBOR Replacement Timeline

▪ The DTC LIBOR Statement

▪ Term SOFR and Alternative Reference Rate Worksheet Definitions and Field Values

▪ Term SOFR and Alternative Reference Rate Excel & .CSV Upload Templates

LIBOR Replacement Index Communication Tool User Guide

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Beginning the LIBOR Replacement Process

The LIBOR Product Page is used to begin the LIBOR Benchmark Replacement process.

1. To begin the LIBOR Benchmark Replacement process, click the link Communicate a New Index Rate

on the right-hand side of the screen.

2. After clicking Communicate a New Index Rate, you will be redirected to the LIBOR Rate

Replacement landing page.

LIBOR Replacement Index Communication Tool User Guide

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Providing Contact Information

Overview

After navigating to the landing page, users will need to provide their business contact information for

verification purposes. This contact information may also be used for any future inquiries concerning

processed LIBOR rate replacements.

Navigation

1. To enter your Contact Information, click Upload Descriptive Rate Details on the LIBOR

Replacement Index Communication Tool landing page.

2. Enter your Name and Business Email and then click Send verification code to have a verification

code sent to your business email. Personal emails will not be accepted as a substitute to a business

email.

LIBOR Replacement Index Communication Tool User Guide

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3. Enter the verification code that was sent to your business email in the Verification Code field. If you

are unable to locate the verification code, please check your Spam, Clutter, or Junk email folders. If

you are still unable to retrieve the verification code, please double check that you have entered your

email correctly and click Resend verification code. After entering the verification code, complete the

CAPTCHA and click Submit.

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4. On the next page, enter your business phone number and your company name in the fields Phone

and Submitting Company. Then, click Next.

5. To continue entering your replacement choice, you may use the .CSV or Excel templates provided to

upload multiple CUSIPs at once or enter one CUSIP at a time using the Input form. See the

instructions that follow for more information.

LIBOR Replacement Index Communication Tool User Guide

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Updating the Benchmark Replacement Using .CSV or Excel Templates

Overview

The Benchmark Replacement process gives issuers, trustees, and agents the ability to update the

reference rate for multiple securities at one time using the Excel or .CSV templates on the Security

Benchmark Details page. These templates follow the same rules and contain the same fields as the Online

form but allow you to upload the index replacement choice for multiple CUSIPs at once.

To download these templates, click the word Download located underneath the template you wish to use.

Be sure to download the correct template depending on whether you are updating the reference rate to

Term SOFR or another Alternative Reference Rate.

Filling Out the Spreadsheet

The ARR and TERM SOFR upload spreadsheets contain both mandatory and optional fields. Fields which

are required for input are bolded with an asterisk. To ensure consistency of data, where available, use the

dropdown lists to select values.

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Using Data Dictionaries

For detailed instructions on how to fill out the spreadsheet, refer to the Data Dictionaries provided on the

Security Benchmark Details page. Click the Download link under a dictionary.

Data dictionaries show you examples of the possible input values for fields and explain why the field is

important. Be sure to refer to the Data dictionary which corresponds to the spreadsheet for which you are

inputting data (either ARR or Term SOFR).

LIBOR Replacement Index Communication Tool User Guide

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Entering A Replacement Choice as both a Submitter and Determining Party

If you are entering an index choice on behalf of another firm, please specify the firm and provide

additional contact information as shown below.

ARR Spreadsheet

This is an example of the ARR spreadsheet.

Term SOFR Spreadsheet

This is an example of the Term SOFR spreadsheet.

Uploading Your Index Replacement Spreadsheet and Any Additional Documents

1. If you wish to upload any accompanying documentation (such as a prospectus) for the rate

replacement, click Yes to answer, “Do you have accompanying documentation?” If you do not have

accompanying documentation to submit, click No.

a. The document must be a PDF file.

b. Click Upload File to search for the document on your computer or drag and drop the file from your

computer to the upload area.

2. To upload the Index Replacement spreadsheet, do the following:

a. Once the Excel/.CSV template has been completed with your LIBOR index replacement choices,

select .CSV/.XLS/.XLSX as the security rate upload method.

b. Click Upload File to search for the spreadsheet on your computer or drag and drop the file from

your computer to the upload area.

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3. A message will indicate whether the files have been uploaded successfully. Once the file has been

uploaded successfully, click Next.

Note: If the upload was unsuccessful, correct any errors in the .CSV/Excel template and attempt to upload

the file again. Error messages appear at the top of the page and explain how to correct the upload. You

may email LIBORT[email protected] for additional support.

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4. Review the information on the screen. If edits are required, click the pencil icon next to the

corresponding section to edit the previously input information. Then click the Next button to return to

the Review & Submit page.

5. Prior to submitting you must review and agree to DTCC’s Terms and Conditions. Click the link on

the bottom of the screen as shown below. A document opens containing this information.

6. When satisfied that you are ready to submit the spreadsheet, click Submit.

7. After clicking Submit, a message will indicate that the submission was successful. To print or view a

downloadable record of your submissions, click View Submissions.

A table opens showing all your LIBOR Index replacement choices. You may print this information or create

a downloadable Excel or PDF file by clicking the appropriate icon.

LIBOR Replacement Index Communication Tool User Guide

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Manually Updating the Benchmark Replacement to Term SOFR or an Alternative

Reference Rate

Overview

Although using the Excel/.CSV templates is the preferred method to update benchmark rates for multiple

securities, users will still have the option to provide benchmark rate updates for individual securities after

they provide their Contact Information. In this section, we will cover how to manually update a reference

rate to Term SOFR or an Alternative Reference Rate.

Navigation

1. After providing Contact Information, ensure Form Input is selected as the method for security rate

upload. Then select Term SOFR or Alternative Reference Rate under the prompt “Select input

form.”

2. Depending on the selection, the Term SOFR or Alternative Reference Rate input screen will

appear. Enter the required information in the form. Fields that are required are annotated with a red

asterisk (*). Be sure to refer to the Data dictionary which corresponds to the form for which you are

inputting data (either ARR or Term SOFR).

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Term SOFR

Alternative Reference Rate

LIBOR Replacement Index Communication Tool User Guide

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Review & Submit

1. Once the form has been completed, click Next.

2. Review the information on the screen. If edits are required, click the pencil icon next to the

corresponding section to edit the previously input information. Then click the Next button to return to

the Review & Submit page.

3. When satisfied that the form is complete, click the link “here” to review the Terms and Conditions

document and then click Submit.

4. After clicking Submit, a message will indicate that the submission was successful. If you have

finished entering security rates, click Submit and Exit. If you wish to enter more security rates, click

the Enter Another Security.

LIBOR Replacement Index Communication Tool User Guide

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5. After clicking Submit and Exit, a message will indicate that the submission was successful. To print

or view a downloadable record of your submissions, click View Submissions.

A table opens showing all your LIBOR Index replacement choices. You may print this information or create

a downloadable Excel or PDF file by clicking the appropriate icon.

LIBOR Replacement Index Communication Tool User Guide

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Data Dictionaries & Tool Tips

1. The LIBOR Replacement Index Communication Tool provides Term SOFR and ARR Data

Dictionaries that contain details for the Term SOFR and Alternative Reference Rate forms. To

download the data dictionaries, click Download underneath the data dictionary placeholders.

2. The tool also provides Tool Tips next to each field on the Term SOFR and Alternative Reference Rate

forms which provide a brief explanation of the corresponding field. To view a Tool Tip, roll the cursor

over the Tool Tip icon.

LIBOR Replacement Index Communication Tool User Guide

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Additional Help

For additional help beyond this Job Aid, please use the phone numbers below:

1. United States: +1-888-382-2721

2. Global: +212-855-8099

You can also find helpful resources and information at the DTCC Client Center website located here.

You may find additional client learning resources related to LIBOR Replacement, LENS, and Issuer

Services at DTCCLearning.com. A login is required.

To Register for DTCCLearning.com, click the Login or Register button on the top right of the page as

shown below. You may login with your existing MyDTCC portal ID and / or request your own DTCC Learning

To request a DTCC Learning login, click the Create Account link and fill out the request. Clients are

generally granted access within 24 hours.