Bank of China pioneers Asia’s first Sofr-linked bond

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By Addison Gong
10 Oct 2019

Bank of China broke new ground for Asia this week with the region’s first floating rate bond linked to the secured overnight financing rate (Sofr). But a host of challenges around payment calculations and liquidity mean other issuers will be slower to embrace this new benchmark. Addison Gong reports.

BOC Macau branch’s multi-tranche and multi-currency $960m green transaction featured a dollar portion that is the first in Asia’s public bond market to reference Sofr. One of the top candidates to replace Libor after the end of 2021, Sofr is an overnight rate published daily by the ...

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