Today the German Banking Association (Bundesverband deutscher Banken – BdB) published its Supplementary Agreement for IBOR succession (Zusatzvereinbarung für IBOR-Nachfolgeregelung (IBOR-Zusatzvereinbarung)), a template agreement for the transition away from LIBOR under the German Master Agreement for Financial Derivatives Transactions (Deutscher Rahmenvertrag für Finanztermingeschäfte – DRV). The DRV is not covered by the ISDA 2020 IBOR
The German Master Agreement for Financial Derivatives Transactions (Rahmenvertrag für Finanztermingeschäfte – the “DRV”) is published by the German Banking Association (Bankenverband) and can be considered the German law equivalent of the ISDA Master Agreement. Like the ISDA Master Agreement, standardised Annexes are used to document specific provisions, for example special early termination provisions, as well as to document the posting of collateral, which is done via the Collateral Addendum (Besicherungsanhang – the “BSA”), including the Variation Margin and Initial Margin BSA.