State Bank executes inter-bank money market transactions linked to SOFR

NEW DELHI: State Bank of India on Wednesday said executed two inter-bank short term money market transactions with pricing linked to secured overnight financing rate (SOFR). SOFR is an identified replacement for USD LIBOR (London Inter-Bank Offered Rate) which is expected to be phased out at the end of 2021. The transactions were executed by the bank through its Hong Kong branch, a release said.

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