Asia awaits term SOFR solution for local benchmarks
Singapore, Thailand and the Philippines look at ways to replace Libor in benchmark calculations
Asia’s benchmark administrators are closely watching efforts to establish a term version of US dollar Libor’s replacement, the secured overnight financing rate. The continuity of contracts that reference three South-east Asian interest rate benchmarks – and design of term risk-free rates in other Asian markets – might well depend on the rate that is important for the calculation of some Asian FX forwards.
A forward-looking term SOFR would allow the benchmark to be used instead of Libor to
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