SBI awarded mandate for 1st SOFR-linked ECB deal by IOC

SBI has recently said that it has been awarded the mandate for the first Secured Overnight Financing Rate (SOFR)-linked $100 million External Commercial Borrowing (ECB) deal by Indian Oil Corporation Ltd for five years.

In a statement, C Venkat Nageswar, Deputy Managing Director (International Banking Group), SBI, remarked that this deal is the first SOFR deal in the ECB space, demonstrating that SBI has aligned its systems and processes to embrace Alternate Reference Rates (ARRs). IOCL, by availing the first SOFR-linked ECB, will set the pace for smooth transition by Indian Corporates to ARR mechanism, he added.