New papers of the National Working Group for benchmark reform

On March 16, 2023, the National Working Group for the benchmark reform (NWG) has published several documents in connection with the benchmark rate reform and the transition from WIBOR, the Warsaw Interbank Offered Rate, to WIRON, the Warsaw Interest Rate Overnight index. Specifically, the group issued the following four documents:
1. Recommendation on the application of the WIRON index in issues of floating-rate debt securities: This document follows a recent consultation and the issuance of a conclusion paper in this context (please see EventID 19311 and EventID 19771 for more information). The recommendations outline the benchmark that shall be used for calculating the interest payments in issues of floating-rate debt securities, namely the compound WIRON index using 5-business-day lookback period, and specify the corresponding calculation methodology.
2. Glossary: This document contains a summary of terms used in relation to the benchmark rate reform and provides corresponding explanations in both English and Polish and a reference to applicable rules and regulations.
3. Precision of rounding for calculating interest flows in issues of floating-rate debt securities: This document discusses some „material aspects of the rules of calculating interest flows based on WIRON or WIRON Compound Index in issues of floating-rate debt securities“ and contains some further explanations and comments on the examples provided in the fourth document.
4. NWG calculator: This document contains some illustrative examples as to the calculation of interest payments in issues of floating-rate debt securities and provides valuable templates for such calculation.