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)


Ceased on 31 December 2021

CAD

CDOR

Canadian Overnight Repo Rate Average (CORRA).

Multiple rate approach
CDOR and CORRA to cease after[VM1] June 2024

EUR

EONIA

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


EONIA ceased on 31 December 2021

EUR

EURIBOR or EUR LIBOR

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


EURLIBOR ceased on 31 December 2021

GBP

GBP LIBOR

SONIA (Sterling Overnight Index Average) as reformed from 23 April 2018.


Ceased on 31 December 2021

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.
Ceased on 31 December 2021

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)

SORA (Singapore Overnight Rate Average) is introduced as its new RFR benchmark. Multiple rate approach is expected.

Ceased in December 2021.

USD

USD LIBOR

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

Transition to SOFR.
1W and 2M USD LIBOR settings ceased after 31 December 2021 O/N, 1M, 3M, 6M, and 12M USD LIBOR settings will cease immediately following the LIBOR publication on June 30, 2023.