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ICICI Bank executes first SOFR linked transaction

22 Jan 2021 Evaluate

ICICI Bank has executed its first interbank - money market transaction linked with Secured Overnight Funding Rate (SOFR). The transaction, executed through the Bank’s Hong Kong branch, is part of the Bank’s Benchmark Transition Management plan to assess the preparedness towards a smooth transition to the new Alternative Reference Rates (ARRs).

SOFR has been identified as the replacement for USD LIBOR (London Interbank Offered Rate). Globally, there is a move to migrate from LIBOR to transactions linked to ARRs and it is expected that fresh transactions after December 2021 would not be referenced to LIBOR.

ICICI Bank is a leading private sector bank in India.

Peers
Company Name CMP
HDFC Bank 705.00
ICICI Bank 1333.00
Axis Bank 1223.95
Kotak Mahindra Bank 416.30
Indusind Bank 882.30
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