Banks strike landmark swap deal in Vietnam

News

HSBC and Standard Chartered have done the first interbank Vietnamese dong interest rate swap, marking a landmark deal for the local currency derivatives market. The five-year transaction sees HSBC pay a floating rate at three-month VNibor1 on $3 million, in exchange for a fixed dong rate offered by Standard Chartered.

Greg Clinton, global head of interest rate derivatives at Standard Chartered in Singapore, says the Vietnamese market is set to follow other markets in the southeast Asian regio

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