Banks strike landmark deal in Vietnam
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The five-year transaction sees HSBC pay a floating rate at three-month VNIBOR1 on $3 million, in exchange for a fixed VND rate offered by Standard Chartered.
Greg Clinton, global head of interest rate derivatives of Standard Chartered, said the VND market is set to follow other markets in the South-East Asian region and develop liquid IRD markets that allow corporates and institutions to better manage their interest rate risks.
"The development of the interbank market is an important part of the
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