The London Interbank Offered Rate (LIBOR) is currently the world's most widely-used reference rate, providing a benchmark for approximately $350trn worth of financial products, according to legal firm Ashurst. 

Following the manipulation of LIBOR by bank traders, which led to fines and several convictions, the regulator decided to phase it out by 2021. It will be replaced in the UK by SONIA, a near risk-free alternative derivatives reference rate that reflects banks' and building societies' overnight funding rates in the sterling unsecured market.

However, this has seemingly not been reflected in all affected financial products as many whose maturity dates extend beyond 2021 still reference LIBOR. 

Church House fund manager, Rory Campbell-Lamerton explained our approach as part of a feature on the topic by Investment Week. "Over the course of 2018 we have lowered our LIBOR-referenced risk to beyond 2021 to just 3%, having been more than 15%, and that will be phasing down to zero. We now currently hold 18% in SONIA bonds from UK banks and supranationals like the European Investment Bank (EIB) or International Bank of Reconstruction and Development (IBRD)"

The full article can be read here.