Libor Shift Advances in Asia as New Swap Traded in Hong Kong
- Swap references the new Loan Prime Rate, as well as Libor
- Cross-currency deal comes after HKMA delays target for banks
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The global transition away from the discredited London interbank offered rate took another step forward in Asia with the first swap of its kind.
Standard Chartered Bank and International Finance Corp. traded Hong Kong’s first U.S. dollar and offshore yuan cross currency basis swap referencing the Loan Prime Rate (LPR) and Libor, according to an emailed statement from Standard Chartered Monday.