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Group of major banks launches dollar-peso cross currency swap

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The Bankers Association of the Philippines, the lead organization of universal and commercial banks, said Monday it launched the dollar-peso cross currency swap market in line with its commitment to promote market development in the country.

The 44-member BAP said in a statement the initiative, spearheaded by the BAP Open Market Committee, enables its members to utilize hedging instruments critical to them and in response to the needs and requirements of their customers to better manage foreign exchange and interest rate risks.

Market makers in the dollar-peso cross currency swap market include BDO Unibank Inc., Bank of the Philippine Islands, Metropolitan Bank & Trust Co., Philippine National Bank, Security Bank, Citibank, DB, Hongkong and Shanghai Banking Corp., ING Bank, JP Morgan and Standard Chartered Bank. The USDPHP CCS market involves a Philippine peso fixed rate and a US dollar floating swap with standard tenors of 1 year, 2 years, 3 years, 4 years, 5 years, 7 years and 10 years. This will use the US dollar Secured Overnight Financing Rate, or SOFR, as the floating rate benchmark for the US dollar leg.

 

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