State Bank of India (SBI) has been mandated by the Indian Oil Corporation Limited (IOCL) for the first ECB deal involving SOFR (Secured Overnight Financing Rate).
SBI and IOCL have reached a milestone in the LIBOR transition with a $ 100 million deal for 5 years and will be the first SOFR linked deal in the external commercial lending (ECB) market.
SOFR is an identified replacement for USD LIBOR, which is expected to be phased in by the end of 2021.
The sunset has begun after the December 2021 decision of the Financial Conduct Authority (FCA) in the UK to not force banks to contribute to the LIBOR calculation.
C. Venkata Nageshwar, deputy managing director (International Banking Group), said that by leveraging the first SOFR linked ECB, IOCL will set the pace for smooth alternative reference rates (ARR) mechanisms by Indian corporates.
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