KUALA LUMPUR, Sept 17 (Bernama) — CIMB Bank and Standard Chartered Bank Malaysia jointly announced today the completion of the first MYR KLIBOR – USD SOFR cross currency basis swap transaction. The USD100 million trade is the first MYR – USD cross currency transaction referencing the USD Secured Overnight Financing Rate (“SOFR”), which is the Risk Free Rate to succeed the USD London Interbank Offer Rate (“LIBOR”).
The successful conclusion of this transaction coincides with the Malaysian Financial Markets event to be held on 18th September, the Malaysia IBOR Transition. Organised by the Asia Securities Industry and Financial Markets Association (ASIFMA), in collaboration with the Financial Markets Association of Malaysia (FMAM), the event will include a keynote address by Bank Negara Malaysia Assistant Governor Aznan Abdul Aziz.
