The end of Libor: Asian banks are unprepared

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By Pan Yue
17 Oct 2019

How much work have Asian banks put in to get ready for the end of Libor on December 31, 2021? Senior bankers in the region tend to respond to this question with shrugs, caveats and equivocations. It is clear, they admit privately, that not much progress has been made.

Bank of China deserves plaudits for trying to test the waters. Last week, the Chinese lender’s Macau branch issued Asia’s first public bond benchmarked against the secured overnight financing rate (Sofr), the most likely alternative to Libor in the dollar market. That came after a senior banker at ...

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