ICICI Bank Executes Secured Overnight Financing Rate-Linked Transactions
NDTV
ICICI Bank said it has executed its first term loan and cross currency swap derivative transactions linked to Secured Overnight Financing Rate.
New Delhi: Private lender ICICI Bank on Thursday announced that it has executed its first term loan and cross currency swap derivative transactions linked to Secured Overnight Financing Rate (SOFR).
The transactions were carried out with a corporate client through the bank's international offices. ICICI Bank said that these transactions indicate its preparedness towards smooth transition from US Dollar LIBOR (London Interbank Offered Rate) to transactions linked to Alternative Reference Rates (ARR).
Earlier in January, ICICI had executed its first interbank money market transaction linked to SOFR, which has been identified as the replacement for USD LIBOR.
Anuj Bhargava, Head - Global Clients Group, ICICI Bank said, "The lender has been actively working with its clients for seamless transition from LIBOR to ARRs. These transactions are just the start of the move towards the ARRs."
