OCBC and Standard Chartered Complete the First 30-year SORA OIS Trade

OCBC Bank and Standard Chartered have completed the first longer-tenor overnight indexed swap (OIS) derivatives transaction using the Singapore Overnight Rate Average (SORA) as the interest rate benchmark.

J.P. Morgan served as the clearing broker for the latest trade.

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The 30-year SORA OIS trade was also the first such transaction cleared by British clearing house LCH after it extended the central clearing for over-the-counter SORA derivatives from 21-years to 31-years.

This extends the partnership between the two banks on SORA-benchmarked swap transactions. In November 2019, OCBC Bank and Standard Chartered completed Singapore's first OIS derivatives transaction using SORA as the interest rate benchmark.

In February 2020, the two banks also booked the market's first SGD SORA and USD SOFR Cross-Currency Swaps.

Source: Asian Banking & Finance