ICICI Bank executes first term loan derivative deal linked to SOFR

ICICI Bank limited is an Indian Financial services company with its registered office in Vadodara, Gujarat, and corporate office in Mumbai, Maharashtra executed its first term loan and cross currency swap derivative transactions linked to Secured Overnight Financing Rate (SOFR), the bank said in a release.

The point of these transactions are preparedness towards smooth transition from USD LIBOR (London Interbank Offered Rate) to transactions linked to Alternative References Rates (ARR).

“With the slew of measures announced by regulators globally, there is an increased shift towards ARR linked products in markets. As the cessation deadline approaches, the liquidity in ARR linked products will increase and ICICI Bank is ready to widen its product suite to meet the customer requirement,” said B. Prasanna Group Head- Global Markets, Sales, Trading and Research, ICICI Bank.

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