{"id":47236,"date":"2020-08-17T05:21:48","date_gmt":"2020-08-17T09:21:48","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/in-a-post-libor-world-here-are-the-benchmarks-that-will-matter\/"},"modified":"2025-12-01T21:05:10","modified_gmt":"2025-12-02T02:05:10","slug":"in-a-post-libor-world-here-are-the-benchmarks-that-will-matter","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/in-a-post-libor-world-here-are-the-benchmarks-that-will-matter\/","title":{"rendered":"In a post-LIBOR world, here are the benchmarks that will matter"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fe10a53375e]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69fe10a53375e'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regulation\/\" rel=\"category tag\">\n                    Regulation\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/risk\/\" rel=\"category tag\">\n                    Risk\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">In a post-LIBOR world, here are the benchmarks that will matter<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-69fe10a53aac4'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div>    <p class=\"bbg-metadata bbg-metadata--date\">August 17, 2020<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-69fe10a53c817'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This article is written by Boris Korby,\u00a0William Shaw\u00a0and\u00a0Alex Harris. It appeared first on the Bloomberg Terminal.<\/em><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<section>For about <a href=\"https:\/\/bloom.bg\/3auh8rH\" target=\"_blank\" rel=\"noopener noreferrer\">50 years<\/a>, the London interbank offered rate has helped determine the cost of borrowing around the world, from student loans and mortgages to interest-rate swaps and collateralized loan obligations.<\/section>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>LIBOR, derived from a daily survey of bankers who estimate how much they would charge each other to borrow, was simple, effective, ubiquitous, and seemingly reliable.<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>As markets evolved, the trading that helped inform those estimates dried up. In the wake of the 2008 financial crisis, regulators discovered that the banks trusted to set the rates underpinning hundreds of trillions of dollars of financial assets had been manipulating them to their advantage.<\/p>\n<p>For the past three years, policymakers around the globe have been developing new benchmarks to replace LIBOR by the end of 2021. The challenge has been to maintain LIBOR\u2019s accessibility and functionality with a replacement that\u2019s more trustworthy. That\u2019s <a href=\"https:\/\/bloom.bg\/3kNxZKR\" target=\"_blank\" rel=\"noopener noreferrer\">easier said than done<\/a>, and some countries and regions have made more progress than others.<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>U.S.<\/strong><\/p>\n<p>The Federal Reserve is championing the Secured Overnight Financing Rate to replace dollar LIBOR, which underpins roughly $200 trillion of securities.<\/p>\n<p>SOFR is different from LIBOR in <a href=\"https:\/\/www.newyorkfed.org\/arrc\/sofr-transition#aboutsofr\" target=\"_blank\" rel=\"noopener noreferrer\">three key respects<\/a>: It\u2019s based on real transactions, not just bank quotes; it provides only an overnight rate, whereas LIBOR offers rates for seven maturities ranging from one day to one year; and it\u2019s a secured rate, derived from repurchase agreement transactions that are collateralized by U.S. Treasuries.<\/p>\n<p>Regulators prefer SOFR because a vast amount of trading underpins the benchmark\u2014more than $1 trillion on most days, vs. an estimated <a href=\"https:\/\/www.newyorkfed.org\/arrc\/sofr-transition\" target=\"_blank\" rel=\"noopener noreferrer\">$500 million<\/a> for three-month dollar LIBOR. That makes it a truer reflection of the cost of capital and less susceptible to corruption.<\/p>\n<p>Still, the transition has been uneven. Issuance of <a href=\"https:\/\/bloom.bg\/2Fwci1E\" target=\"_blank\" rel=\"noopener noreferrer\">SOFR-linked bonds<\/a> continues to increase, yet the <a href=\"https:\/\/bloom.bg\/346UKU7\" target=\"_blank\" rel=\"noopener noreferrer\">leveraged loan and CLO markets<\/a> have been slow to shift from LIBOR, citing the lack of a forward-looking term structure that extends beyond SOFR\u2019s overnight tenor, a common refrain globally. Greater trading volume in monthly and quarterly SOFR futures is expected to eventually facilitate the creation of <a href=\"https:\/\/www.federalreserve.gov\/econres\/notes\/feds-notes\/indicative-forward-looking-sofr-term-rates-20190419.htm\" target=\"_blank\" rel=\"noopener noreferrer\">additional tenors<\/a>, producing a curve that reflects expectations for where the rate will be in the future.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Are you ready for LIBOR transition?<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_1754554394075296105\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/solutions\/regulation\/libor-transition-solutions\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Another concern is SOFR\u2019s susceptibility to\u00a0<a href=\"https:\/\/bloom.bg\/2PW2yzC\" target=\"_blank\" rel=\"noopener noreferrer\">periodic volatility<\/a> in the market for repurchase agreements that determine the benchmark\u2019s setting. Its lack of a credit component is also a hurdle to wider adoption, some say. Given that LIBOR is based on the cost of lending between banks, it also reflects counterparty risk, especially when credit conditions worsen.<br \/>\nThis feature serves an important market function in hedging and securities pricing.<\/p>\n<p>SOFR is also facing challengers that offer some of the features that it lacks.<\/p>\n<p>The <a href=\"https:\/\/bloom.bg\/2DSZ3aW\" target=\"_blank\" rel=\"noopener noreferrer\">Bank Yield Index<\/a> was introduced by LIBOR\u2019s overseer, the ICE Benchmark Administration, in January 2019. The new gauge, developed specifically as a potential replacement for lending activity tied to LIBOR, has multiple tenors as well as the credit component SOFR lacks. Another alternative, <a href=\"https:\/\/bloom.bg\/31WLWgF\" target=\"_blank\" rel=\"noopener noreferrer\">Ameribor<\/a>, is calculated from the actual borrowing costs between the mostly small and midsize banks that are members of the <a href=\"https:\/\/ameribor.net\/\" target=\"_blank\" rel=\"noopener noreferrer\">American Financial Exchange<\/a>. While the Bank Yield Index isn\u2019t set to launch until later this year, Ameribor futures are already trading on the Cboe Futures Exchange.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"594\" height=\"356\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/SOFRandSonia.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Both SOFR and Sonia dropped and then flatlined when the pandemic hit markets this year. By contrast, U.S. and U.K. Libor\u2014the benchmarks they\u2019re slated to replace\u2014were more turbulent.\" title=\"SOFRandSonia\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                Both SOFR and Sonia dropped and then flatlined when the pandemic hit markets this year. \n\nBy contrast, U.S. and U.K. LIBOR\u2014the benchmarks they\u2019re slated to replace\u2014were more turbulent.\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Euro zone<\/strong><\/p>\n<p>Euribor, a LIBOR-like benchmark underpinning more than \u20ac180 trillion ($211 trillion) in assets, and the Euro Overnight Index Average (Eonia), its short-term equivalent, have long dwarfed euro LIBOR as the dominant reference rates in the euro zone.<\/p>\n<p>The way Euribor is calculated has changed in recent years, giving policymakers comfort that it can continue beyond 2021. Its so-called waterfall methodology prioritizes bank contributions based on actual transactions over modeled estimates or panel judgments, while a handful of less liquid tenors have been scrapped.<\/p>\n<p>Regulators, on the other hand, are ditching Eonia, which had few underlying trades that\u00a0<a href=\"https:\/\/www.ecb.europa.eu\/paym\/initiatives\/interest_rate_benchmarks\/WG_euro_risk-free_rates\/shared\/pdf\/20191016\/2019-10-16_WG_on_euro_RFR_meeting_Checklist.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">were dominated<\/a>\u00a0by a handful of contributors, and adopting the\u00a0Euro Short-Term Rate, or ESTR.<\/p>\n<p>ESTR draws on money-market transactions that show the <a href=\"https:\/\/www.bis.org\/publ\/qtrpdf\/r_qt1903e.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">overnight unsecured<\/a> borrowing costs of euro-area lenders. It\u2019s underpinned by an average of about 500 daily deals totaling roughly \u20ac40 billion, according to <a href=\"https:\/\/www.ecb.europa.eu\/stats\/financial_markets_and_interest_rates\/euro_short-term_rate\/html\/index.en.html\" target=\"_blank\" rel=\"noopener noreferrer\">recent figures<\/a> compiled by the European Central Bank, and has a <a href=\"https:\/\/www.ecb.europa.eu\/explainers\/tell-me-more\/html\/benchmark_rates_qa.en.html\" target=\"_blank\" rel=\"noopener noreferrer\">broad range of participants<\/a> that can include pension funds and insurance companies.<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>U.K.<\/strong><\/p>\n<p>The U.K.\u2019s LIBOR replacement, the Sterling Overnight Index Average, has been around <a href=\"https:\/\/www.bankofengland.co.uk\/markets\/sonia-benchmark\" target=\"_blank\" rel=\"noopener noreferrer\">since 1997<\/a>. Sonia, as it\u2019s known, has been overseen by the Bank of England since 2016 and made its debut in a reformed version in 2018.<\/p>\n<p>Like ESTR, Sonia measures the rate paid on unsecured overnight funds. The reformed gauge includes transactions negotiated bilaterally between banks as well as broker-intermediated loans.\u00a0Other modifications\u00a0included adjustments to the averaging methodology and a new publication time to give the BOE more time to process transactions. It\u2019s used to value about \u00a330 trillion ($39 trillion) of trades each year, according to the BOE.<\/p>\n<p>Sterling-denominated derivatives markets are <a href=\"https:\/\/www.bankofengland.co.uk\/-\/media\/boe\/files\/markets\/benchmarks\/statement-on-the-progress-on-adoption-of-risk-free-rates-in-sterling-markets.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">shifting to Sonia<\/a>. The share of pound-related swaps linked to Sonia is now roughly in line with those tied to LIBOR. Floating-rate bonds that mature later than 2021 have <a href=\"https:\/\/bloom.bg\/3gbD3Fn\" target=\"_blank\" rel=\"noopener noreferrer\">all but ceased<\/a> to be tied to LIBOR.<\/p>\n<p>Issuers have also begun to use Sonia to set prices on <a href=\"https:\/\/bloom.bg\/3aI131L\" target=\"_blank\" rel=\"noopener noreferrer\">securitized debt<\/a>, and the <a href=\"https:\/\/bloom.bg\/2CDL08w\" target=\"_blank\" rel=\"noopener noreferrer\">first syndicated loan<\/a> tied to Sonia was issued in March.<\/p>\n<p>British regulators are developing a Sonia term rate as well as pushing lenders and borrowers to amend LIBOR-based contracts to ensure a smooth transition after it\u2019s phased out.<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Switzerland<\/strong><\/p>\n<p>Switzerland has also leaned on a benchmark born before the LIBOR rigging scandal.<\/p>\n<p>Saron, the Swiss Average Rate Overnight, is similar to SOFR in that it\u2019s based on overnight trades, but in the Swiss franc-denominated repurchase agreement market. Saron is based specifically on transactions between financial institutions. While banks are already <a href=\"https:\/\/www.snb.ch\/en\/mmr\/speeches\/id\/ref_20200618_amr\/source\/ref_20200618_amr.en.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">selling Saron-based mortgages<\/a>, other credit products are still overwhelmingly priced off of LIBOR.<\/p>\n<p>Until 2019, the Swiss National Bank used LIBOR to guide the country\u2019s monetary policy. The central bank switched last June to a new benchmark\u2014the SNB policy rate. The bank now implements monetary policy by managing liquidity in Swiss money markets to steer Saron and keep it in line with its benchmark, which at -0.75% is the lowest in the world.<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Japan<\/strong><\/p>\n<p>The central bank is leaning on two alternatives to yen LIBOR, Tibor and Tonar, as it looks to transition about<a href=\"https:\/\/www.bis.org\/review\/r200219b.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"> $30 trillion of assets<\/a> referencing the beleaguered benchmark.<\/p>\n<p>Tibor, the Tokyo Interbank Offered Rate, is a version of LIBOR\u2014with its own <a href=\"https:\/\/bloom.bg\/2Q0OXqE\" target=\"_blank\" rel=\"noopener noreferrer\">rigging scandal<\/a> a decade ago\u2014that\u2019s overseen by the Japanese Bankers Association Tibor Administration. The group implemented a series of <a href=\"https:\/\/www.jbatibor.or.jp\/english\/news\/2017\/implementation_of_jba_tibor_reform.html\" target=\"_blank\" rel=\"noopener noreferrer\">reforms in 2017<\/a>\u2014including the introduction of a new <a href=\"https:\/\/www.fsb.org\/wp-content\/uploads\/P141118-1.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">methodology<\/a> that relies on actual transaction data or, if that\u2019s not available, refers to similar interbank market rates\u2014to bolster the reliability and transparency of the unsecured lending rate.<\/p>\n<p>Tonar, the Tokyo Overnight Average Rate, is Japan\u2019s short-term alternative based on transactions in the uncollateralized overnight borrowing market. Regulators are seeking to develop a\u00a0<a href=\"https:\/\/www.boj.or.jp\/en\/paym\/market\/jpy_cmte\/data\/cmt191129b.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">term structure<\/a>\u00a0based on market data for overnight index swaps, which use Tonar as the floating leg.<\/p>\n<p>Quick Corp., an affiliate of Nikkei Inc., began to publish\u00a0<a href=\"https:\/\/moneyworld.jp\/page\/qtrf001.html\" target=\"_blank\" rel=\"noopener noreferrer\">prototype reference rates<\/a>\u00a0in May to help lay the groundwork for additional terms. A functioning curve is expected no later than mid-2021, Masayoshi Amamiya, deputy governor of the BOJ,\u00a0<a href=\"https:\/\/www.bis.org\/review\/r200219b.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">said in a speech<\/a>\u00a0earlier this year.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"598\" height=\"362\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/LEAG1.png\" class=\"bbg-single-image__image attachment-full\" alt=\"The\u00a0League Tables (LEAG) function on the Bloomberg terminal\u00a0tracks issuance in LIBOR alternatives.\" title=\"LEAG1\" \/>\n        \n                <figcaption class=\"bbg-single-image__caption\" style=\"text-align: left\">\n                The\u00a0League Tables (LEAG) function on the Bloomberg terminal\u00a0tracks issuance in LIBOR alternatives.\n        <\/figcaption>\n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Singapore, Australia, Hong Kong<\/strong><\/p>\n<p>LIBOR is calculated for just five major currencies\u2014the dollar, euro, pound, Swiss franc, and yen. Still, other countries are reforming their own LIBOR-like reference rates.<\/p>\n<p>Financial-services companies in Singapore are set to adopt the Singapore Overnight Rate Average, which is replacing the LIBOR-based Singapore-Dollar Swap Offer Rate, that underpins some S$3.5 trillion ($2.5 trillion) of derivative products. The new benchmark, known as SORA, is <a href=\"https:\/\/www.abs.org.sg\/benchmark-rates\/about-sora#\" target=\"_blank\" rel=\"noopener noreferrer\">based on<\/a> an average rate of unsecured overnight interbank Singapore dollar transactions brokered onshore, whereas the SOR is computed from borrowing greenbacks and swapping them into the local currency.<\/p>\n<p>There are signs the transition is well under way: Global clearinghouse LCH cleared the first local currency interest-rate swaps\u00a0<a href=\"https:\/\/www.lch.com\/resources\/news\/lch-clears-first-sora-swaps\" target=\"_blank\" rel=\"noopener noreferrer\">benchmarked to SORA<\/a>\u00a0in May.<\/p>\n<p>Down under, the LIBOR rate for Australian dollars has been discontinued and replaced by the bank bill swap rate, commonly known as BBSW, which is referenced in about A$18 trillion ($13 trillion) <a href=\"https:\/\/rba.gov.au\/publications\/bulletin\/2018\/sep\/pdf\/interest-rate-benchmarks-for-the-australian-dollar.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">of transactions<\/a>. The critical difference is that the BBSW is based on actual transactions in the bank bill market.<\/p>\n<p>The rate was subject to\u00a0<a href=\"https:\/\/bloom.bg\/2CzoPQP\" target=\"_blank\" rel=\"noopener noreferrer\">attempted manipulation<\/a>\u00a0in recent years, which prompted reforms in 2018 when a new regulatory framework for the financial benchmark was installed. The reforms included the adoption of a volume-weighted average price methodology.<\/p>\n<p>The Australian Overnight Index Average, or Aonia, is also gaining traction, with the first floating-rate note tied to the benchmark pricing last year. It\u2019s based on the rate at which unsecured funds are lent in the domestic interbank market.<\/p>\n<p>The Hong Kong Dollar Overnight Index Average, or\u00a0Honia, has been proposed by the Treasury Markets Association as an alternative to the local Hong Kong Interbank Offered Rate, known as\u00a0Hibor.<\/p>\n<p>Honia, like other risk-free rates, is based on unsecured lending transactions in the interbank market\u2014and is thus considered a <a href=\"https:\/\/www.hkma.gov.hk\/media\/eng\/doc\/key-information\/guidelines-and-circular\/2019\/20191023e1.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">more reliable benchmark<\/a>. Still, the Hong Kong Monetary Authority has said it plans to adopt a multi-rate approach where Honia and Hibor exist in tandem.<\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-69fe10a54c217]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-69fe10a54c217'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    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