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On 14 September 2021, the Asia Pacific Loan Market Association (“APLMA”) and the Treasury Markets Association (“TMA”) jointly published a note (“Note”) that sets out a summary of options available in the loan market for replacing USD LIBOR with the Secured Overnight Financing Rate (“SOFR”).
The Note is supported and endorsed by the Hong Kong Monetary Authority (“HKMA”). Market surveys revealed that moving away from LIBOR is often hindered by, among other factors, market participants’ lack of knowledge of the relevant alternative reference rates. In the light of the deadline set by the HKMA for financial institutions to cease entering into new LIBOR contracts after 31 December 2021, it is hoped that the Note, which sets out the characteristics and pros and cons of each SOFR option, can help drive market forces to work towards this deadline.
For more information on the Note, please click here.
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