HONG KONG: Singapore is blazing a trail for Libor replacement in Asia, as its central bank becomes the first government entity in the region to auction notes based on a new risk-free rate.
Trillions of dollars are at stake, as everything from home mortgages to interest rate swaps are underpinned by two local rates that are due to be discontinued. “They are certainly ahead of the curve so far as issuing government-backed products referencing the alternative rate,” said Natalie Curtis, Singapore-based partner at Herbert Smith Freehills.
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