Banks quiet on Libor legacy transition, say Asian clients
Hong Kong Electric Company and APG Asia say dealer engagement on amending products is limited
Asian firms say there has been minimal engagement from dealers about the transition of their investments, debt and hedges off the Libor family of benchmarks.
“There has been just a handful of banks that have approached us about advising us on the developments in Libor transition,” said Vincent Chow, group treasurer of the Hong Kong Electric Company, which has just under $2 billion worth of debt linked to Libor, or about 15% of its total debt stock.
“Transition for us has to be in conjunction
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