ICICI Bank said that it completed its first term loan as well as cross-currency swap derivative transactions linked to Secured Overnight Finance Rate (SOFR).

According to the Indian private sector banking group, the transactions were conducted with a corporate client via its international offices.

ICICI Bank said that the transactions demonstrate its readiness to make a smooth shift from USD LIBOR (London Interbank Offered Rate) and transactions tied to alternative reference rates (ARR).

In January this year, the Indian banking group completed its first interbank cash market trade linked to SOFR, which is being regarded as a replacement for USD LIBOR.

B. Prasanna — ICICI Bank Group Head of Global Markets, Sales, Trading and Research said: “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 requirements.”

  B Prasanna, ICICI Bank, India, SOFR