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ICICI Bank executes SOFR-linked term loan and cross currency swap derivative transactions

These transactions indicate the bank’s preparedness towards smooth transition from USD LIBOR (London Interbank Offered Rate) to transactions linked to Alternative Reference Rates (ARR), the bank said. In January, the Bank executed its first interbank money market transaction linked to SOFR, which was identified as the replacement for USD LIBOR. LIBOR, or London Interbank Offered Rate, is finally bidding farewell from global markets as the global banks are preparing for a transition to a new alternative reference rate (ARR) such as the secured overnight financing rate (SOFR).

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