Some examples of commonly used benchmarks are: 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) |
|
CAD | CDOR | Canadian Overnight Repo Rate Average (CORRA). | CDOR to cease on 28 June 2024 |
EUR | €STR (Euro Short-Term Rate), the RFR for EUR, published since 2 October 2019. |
| |
EUR | EURIBOR or EUR LIBOR | Reformed EURIBOR, €STR, the RFR for EUR, has been published since 2 October 2019. |
|
GBP | SONIA (Sterling Overnight Index Average) as reformed from 23 April 2018. Term SONIA (Under limited use-case) |
| |
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 | SOR (Swap Offer Rate) | SORA (Singapore Overnight Rate Average) is introduced as its new RFR benchmark. Multiple rate approach is expected. | Ceased in December 2021. |
SGD | SOR (Swap Offer Rate) | SORA (Singapore Overnight Rate Average) is introduced as its new RFR benchmark. Multiple rate approach is expected. | Ceased in December 2021. |
USD | SOFR (Secured Overnight Financing Rate) has been published since April 2018. | Transition to SOFR. | |
NZD | NZD BKBM | OCR (Official Cash Rate) | It is possible that NZD BKBM will be discontinued. |
SAR | ZAROINA (South African Rand Overnight Index Average) | It is estimated that the Jibar cessation date will be announced in early 2024. |