OCBC Bank becomes first bank in Asia to complete transition from LIBOR to SONIA

OCBC Bank becomes first bank in Asia to complete transition from LIBOR to SONIA
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SINGAPORE (June 10): OCBC Bank has received the approval of bondholders to convert the interest rate benchmark for its £250 million (S$468.1 million) floating rate covered bonds from the GBP London Interbank Offered Rate (LIBOR) to Sterling Overnight Interest Rate Average (SONIA).

The move, which is in line with the cessation of GBP LIBOR by the end of 2021 and the switch to SONIA, makes OCBC the first bank in Asia to do so.

The step is a big one towards a smooth transition in Asia from LIBOR to risk-free rates that...(click on link for full story on theedgesingapore.com)