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SBI and IOCL ink $100 million initial SOFR coupled deal within the ECB market.

·       The secured long funding rate (SOFR) may be a benchmark rate for dollar denominated derivatives and loans thats exchange the London interbank offered rate (LIBOR).

·       SOFR is predicated on transactions within the Treasury repurchase market and is seen as desirable to LIBOR since its supported information from evident transactions instead of on calculable borrowing rates.

While SOFR is changing into the benchmark rate for dollar-denominated derivatives and loans, alternative countries have sought-after their own various rates, like SONIA and EONIA.