Indian Oil awards mandate to SBI for first SOFR-linked ECB deal
The Hindu
State Bank of India (SBI) has been awarded the mandate for the first SOFR (Secured Overnight Financing Rate) linked ECB deal by Indian Oil Corporation Ltd. (IOCL).
SBI and IOCL have reached a milestone in LIBOR transition with a $100 million deal for 5 years and this will be the first SOFR linked deal in the External Commercial Borrowing (ECB) market. SOFR is an identified replacement for USD LIBOR, which is expected to be phased out at the end of 2021.
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