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India’s First Libor Alternative Rate Deal
March 19 , 2021
1222 days
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- The State Bank of India and Indian Oil Corporation Limited inked the first SOFR (Secured Overnight Financing Rate) linked External Commercial Borrowing (ECB) deal.
- It replaces the London Inter-Bank Offered Rate (LIBOR).
- The London Interbank Offered Rate (LIBOR) is a benchmark interest rate at which major global banks lend to one another in the international interbank market for short-term loans.
Note:
- This deal is the first SOFR linked ECB deal in India.
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