RegAlert2023-04-14
Added · Updated
Reform of interest rate benchmarks
The Hong Kong Monetary Authority reminds corporate treasurers to remediate existing contracts referencing remaining USD LIBOR settings before the end of June 2023. The Secured Overnight Financing Rate (SOFR) has replaced USD LIBOR as the alternative reference rate, with the remaining USD LIBOR settings scheduled for discontinuation starting 1 July 2023. Treasurers are urged to take prompt action to ensure a smooth transition and may consult the provided HKMA resources or contact their bankers for further guidance.
HKMA published 4 documents in the last 30 days — get each new one by email the day it lands.
Overnight
LIBOR
12-month
LIBOR
6-month
LIBOR
3-month
LIBOR
1-month
LIBOR
April 2023
Jul 2023
2-month
LIBOR 1-week
LIBOR
To ensure a smooth transition away from LIBOR, corporate treasurers are reminded to take prompt action to complete the remediation of existing contracts referencing the remaining USD LIBOR settings in good time before end-June 2023. Secured Overnight Financing Rate (i.e. SOFR) has replaced USD LIBOR as its alternative reference rate. The remaining USD LIBOR settings will be discontinued starting from 1 July 2023. Important Points to Note for Corporate Treasurers from remaining LIBOR settings Transitioning away For more information about LIBOR transition and what corporates need to do, please visit http://www.hkma.gov.hk/LIBOR.pdf or contact your bankers.
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Source: Hong Kong Monetary Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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