Range accruals: post fallbacks outcome not acceptable

Suzanna Brunton ( pictured ), managing associate, derivatives and structured products, at Linklaters, explains why implementing the new Isda fallbacks could be problematic for range accruals. In part one of a two-part interview, we look at OTC transactions. The fallbacks, which ensure a viable safety net is in place in the event an Ibor becomes permanently unavailable, are drafted to work with linear interest rate derivatives, such as fixed/floating swaps, where the rate is fixed at the beginni