Standard Chartered completes first trade loan referencing USD SOFR in Hong Kong

The trade loan was for Qatar National Bank.

Standard Chartered announced that it has completed its first trade loan transaction in Hong Kong referencing the US Secured Overnight Financing Rate (SOFR).

The trade loan was for Qatar National Bank (QNB), the largest financial institution in the Middle East and Africa.

QNB plans to use the financing to meet their clients’ needs for trade finance in their key markets and enable them to facilitate trade flows.

The transaction used the three-month term SOFR as a reference rate. It provides a good foundation for the bank to help its clients navigate through the LIBOR transition and adopt the new pricing benchmark early, Standard Chartered said.

Samuel Mathew, Standard Chartered global head of flow and financial institution trade, transaction banking, said that the bank expects more such deals to be priced with alternatives such as SOFR as the industry moves towards risk-free rates and cessation of LIBOR.

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Standard Chartered

USD Secured Overnight Financing Rate

USD SOFR

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