After a unprecedented ten-year stretch of low interest rates, have sponsors become too complacent about managing interest rate risk? With Libor due to be replaced shortly, hedging arrangements will need renewed scrutiny. Tom Nelthorpe examines basis risk, termination costs and pre-deal hedging with Cogswell Consulting's Ian Cogswell, Berkeley Research Group's Michael Whalen and JCRA's Rishin Patel.