Some examples of commonly used benchmarks which are either being replaced or benchmarks which are having their methodology amended are set out in the table below.

Note that the below table is not an exhaustive or determinative list of alternate rates for each of the IBORs set out nor is it representative of MUFG's views on any alternate rates. There may be other benchmarks or IBORs which are either discontinued or where changes have or will be made to their methodology.

Currency

Current rate

Alternate Rate

Anticipated Developments

CHF

CHF LIBOR

SARON (Swiss Average Rate Overnight)

Transition to SARON

EUR

EONIA

€STR (Euro Short-Term Rate), the RFR for EUR, published since 2 October 2019.

Transition to €STR. EONIA continues to exist under a new methodology since 2 October 2019 to allow a smooth transition to €STR and will be discontinued on 3 January 2022. [3]

EUR

EURIBOR or EUR LIBOR

Reformed EURIBOR, €STR, the RFR for EUR, has been published since 2 October 2019.

Multiple rate approach.
The reformed EURIBOR is expected to continue alongside €STR.
As with other LIBORs, EUR LIBOR is expected to be discontinued, market participants are expected to transition to €STR. [4]

GBP

GBP LIBOR

SONIA (Sterling Overnight Index Average) was subject to a number of reforms and these were implemented from 23 April 2018.

Transition to SONIA.

HKD

HIBOR

HONIA (Hong Kong Overnight Index Average), the pre-existing RFR for HKD. Reforms to HONIA are currently being considered.

Multiple rate approach. HIBOR is expected to continue alongside HONIA.

JPY

JPY LIBOR and TIBOR (Japanese Yen TIBOR and Euroyen TIBOR)

TONAR (Tokyo Overnight Average Rate), the RFR for JPY also called TONA, is a pre-existing rate. TIBOR (Tokyo Interbank Offered Rate) is being reformed.

Multiple rate approach. JPY TIBOR is expected to continue alongside TONAR. It is possible that Euroyen TIBOR will be discontinued.

SGD

SIBOR (Singapore Interbank Offered Rate)

Reformed SIBOR.

SIBOR, a pre-existing rate largely used for cash products which is undergoing reform.

SGD

SOR (Swap Offer Rate)

SOR rate is actively being phased out, as SORA (Singapore Overnight Rate Average) is introduced as its new RFR benchmark. Multiple rate approach is expected.

The Association of Banks in Singapore and the Singapore Foreign Exchange Market Committee will start the consultation process in H1 2020.

USD

USD LIBOR

SOFR (Secured Overnight Financing Rate) has been published since April 2018.

Transition to SOFR.