Asia awaits term SOFR solution for local benchmarks

Singapore, Thailand and the Philippines look at ways to replace Libor in benchmark calculations

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The Bank of Thailand, administrator of THBFIX, is keeping a close eye on efforts to create a term SOFR

Asia’s benchmark administrators are closely watching efforts to establish a term version of US dollar Libor’s replacement, the secured overnight financing rate. The continuity of contracts that reference three South-east Asian interest rate benchmarks – and design of term risk-free rates in other Asian markets – might well depend on the rate that is important for the calculation of some Asian FX forwards.

A forward-looking term SOFR would allow the benchmark to be used instead of Libor to

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