SBI awarded the mandate for the first SOFR linked ECB deal by Indian Oil Corporation Limited

 Country’s largest commercial bank, State Bank of India (SBI) has been awarded the mandate for the first SOFR (Secured Overnight Financing Rate) linked ECB deal by Indian Oil Corporation Limited (IOCL).  SOFR is an identified replacement for USD LIBOR which is expected to be phased out at the end of 2021. The sunset has been triggered by the decision of Financial Conduct Authority (FCA) in UK not to compel contributing banks for LIBOR calculation after December 2021.

On this occasion, Deputy Managing Director (International Banking Group), Shri C Venkat Nageswar, said, “It is the first SOFR deal in the ECB space and the transaction demonstrates SBI’s position as a leader in aligning its systems and processes to embrace Alternate Reference Rates (ARRs). IOCL, the largest public sector Oil Marketing Company in India, by availing the first SOFR linked ECB, will set the pace for smooth transition by Indian Corporates to ARR mechanism.”

Comments

Post a Comment

Popular posts from this blog

First DPL match was won by US Consulate Staff Team

Image
  ICWO - Indian Community Welfare Organisation  organized the First DPL- Diplomat Cricket Tournament for Embassy, Consulate & High Commission Staff on 10 th   August 2024 at Soka Ikeda College of Arts and Science for Women, Sethu Bhaskara Nagar, Madhanangkuppam, Kolathur, Chennai. T he event aims to create high level Awareness to STOP Child Abuse, Child Trafficking, Child Marriage & Child Labour in Tamilnadu and mobilize funds for intervention to address the same. A.J.Hariharan, Secretary – ICWO thanked both the US Consulate and Malaysian Consulate for their support and participation in the diplomate cricket tournament as to create an awareness about the Child Marriage, Child Trafficking & Child Labour and Child Abuse in Tamilnadu. The tournament has created huge interest among the players and the consul officials. We, ICWO have plan to organize similar event on 3 rd  May 2025. This time for men and women doubles badminton tournament. We emphasis there is a greater need for
Read more

A 25 Year Voyage Through Rhythm: A Priceless Guru Nanak School Reunion

Image
Reconnecting with long-lost classmates, Teachers and School staff after a quarter-century has stirred deep feelings of nostalgia and priceless emotions. Anticipation filled the air as we eagerly awaited the long-awaited gathering on 25 th of November2023 at Hotel WESTIN, wondering how many would join us for this special occasion. A month before the anticipated reunion, few schoolmates addressed as the Core Team took the initiative to meticulously plan and organize the event, leaving an indelible mark on each of our hearts. The immediate reaction was one of overwhelming excitement, with tears in our eyes and smiles lighting up our faces. As an added delight, we collectively revisited our beloved Alma Mater, reviving cherished moments etched deep within our souls.Our school held tremendous significance, even those who ventured down different paths, departing in 7th, 8th, 9 th or 10th grade, still share an unbreakable bond with our iconic establishment, GURU NANAK MATRICLUATION SCHO
Read more

Pondicherry Art Akademy Celebrates 13 Years of Artistic Excellence with 7th National Women Artists Group Show

Image
Pondicherry Art Akademy, renowned for its commitment to promoting artistry over the past 13 years, proudly presents its 51st event: the 7th National Women Artists Group Show. The inauguration took place on April 5th at 4 PM at Cholamandal Artists' Village in Chennai, marking yet another milestone in the Academy's illustrious journey.  The ceremony commenced with renowned Contemporary Artist.Sovan Kumar, Regional Secretary of Lalit Kala Akademi, Chennai, symbolically cutting the ribbon to officially inaugurate the event. Shri Kaliaperumal, Director of the Art and Culture Department, Puducherry, further elevated the occasion by illuminating the kuthu vilakku and unveiling the catalog, with the prestigious first copy presented to the renowned Senior Artist C. Douglas of Cholamandal Artists Village.   Esteemed artist Aashima Mahrotra, Joint Secretary of the Ministry of Railways and a participant in the show, graced the event as the chief guest, alongside distinguished guests Seni
Read more