Malaysia Ibor trades vs SOFR in new sign of Asia transition

CIMB, Standard Chartered Malaysia strike second swap in region to use an Ibor rate against the US RFR

Ringgit and dollar

CIMB and Standard Chartered have struck the first cross-currency swap linked to Malaysia’s local interbank offered rate (Ibor) and the US secured overnight financing rate (SOFR), a trade that marks another milestone in the transition of Asia’s cross-currency derivatives markets to alternative risk-free rates (RFR).

The $100 million one-year swap references three-month SOFR on the US dollar leg and three-month Kuala Lumpur interbank offered rate (Klibor) on the Malaysian ringgit leg.

CIMB says

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