Malaysia Ibor trades vs SOFR in new sign of Asia transition

Chris Davis
22 Sep 2020

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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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