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Axis Bank Emerges The Pioneer in SOFR Based Trade Transaction Among Indian Private Sector Banks

by Economy India
October 6, 2021
Reading Time: 2 mins read
FEATURED IMAGE ECONOMY INDIA 1 1
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Axis Bank became the first Indian private sector bank to arrange a Term SOFR linked trade financing deal, joining a select group of Banks /FI’s globally, who have executed similar transactions. This transaction was executed for Hindalco Industries Limited, the world’s largest aluminum company by revenues. The deal was linked to a 90-day Secured Overnight Financing Rate (SOFR) financed by Axis Bank’s GIFT City IBU branch.

Axis Bank GIFT City IBU branch has been at the forefront of providing innovative trade finance solutions to its clients and has built a loan book size of over USD 1 billion as of date. The Bank enables these trade finance services through dedicated specialists, fast document processing, and efficient systems.

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The Trade Finance solutions cater to both importers and exporters, allowing them easier access to the international financial markets and help facilitate cross-border trade.

“This trade deal based on a new benchmark demonstrates the bank’s agility to adapt to the changing times and reflects the confidence of its clients in the bank’s capabilities”, said Mr. Neeraj Gambhir, Group Executive & Head – Treasury, Markets & Wholesale Banking Products, Axis Bank.

International Finance

“The SOFR-based trade leverages Hindalco’s dexterity in international finance and willingness to explore new ways to cut interest cost on working capital loans,” said Mr. Anil Arya, Deputy CFO & Treasurer, Hindalco Industries Ltd.

Mr. R Kumar, Head Banking Regulation, IFSCA said, “Transition from LIBOR is imperative that all banks and financial systems need to adapt to. We are now happy that the first of such deals have been done by Axis Bank IBU at GIFT City.”

Alternative Reference Rate (ARR)

With this transaction, Axis Bank has paved the way for other Indian banks to advance in the LIBOR transition phase. Going live with SOFR-linked transactions will instill huge comfort amongst various corporate clients of the bank, involved in a gamut of overseas loan and trade financing transactions.

RBI had issued an advisory in June 2021 encouraging banks to cease entering new contracts using LIBOR as a reference rate and instead adopt any Alternative Reference Rate (ARR). Axis Bank is leading the way to ensure smooth transition for its clients.

(Economy India)

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Tags: Aluminium CompanyAxis BankBenchmark DemonstratesBusiness Updates on Indian EconomyCurrent Updates of Indian EconomyEconomic Development of IndiaEconomy IndiaEconomy India UpdatesEconomy NewsEconomy News of IndiaEconomy News Portal of IndiaEconomy News UpdatesEconomy Updates from IndiaHindalco Industries LtdIndia EconomicIndian EconomyIndian Economy OutlookIndian Economy UpdatesIndian Private Sector BankLatest Development on Indian EconomyLatest Updates on Indian EconomyLIBORMr. Anil Arya Deputy CFO & TreasurerMr. Neeraj GambhirMr. R Kumar Head Banking RegulationNews Around Economy of IndiaNews on Indian EconomyNews on World of Indian EconomyOverview of Indian EconomyRecent Development in Indian EconomySOFRWholesale Banking Products
Economy India

Economy India

Economy India is one of the largest media on the Indian economy. It provides updates on economy, business and corporates and allied affairs of the Indian economy. It features news, views, interviews, articles on various subject matters related to the economy and business world.

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