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 |
CAD | CDOR | Canadian Overnight Repo Rate Average (CORRA). | Multiple rate approach |
EUR | €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. |
GBP | SONIA (Sterling Overnight Index Average) as reformed 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) | SORA (Singapore Overnight Rate Average) is introduced as its new RFR benchmark. Multiple rate approach is expected. | The transition of SOR to the Singapore Overnight Rate Average ('SORA') will be triggered by the cessation of LIBOR expected in December 2021. |
USD | SOFR (Secured Overnight Financing Rate) has been published since April 2018. | Transition to SOFR. |