
Cross-currency swaps could hasten RFR shift in Australia
Adoption of new risk-free rate for both swap legs likely to turbo-charge wider benchmark change, say sources

The use of a new reference rate for cross-currency swaps in Australia is set to influence debt issuance rates from the country’s banks, as well as rates used in derivatives markets, participants suggest.
Australia’s banks rely on offshore markets for two-thirds of their funding via bonds, which means cross-currency basis swaps are pivotal to how the country’s banks and derivatives users structure their trades and hedges.
Banking authorities in Australia have outlined their plans for existing
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