Banks in India ready for transition, but the world still loves Libor

Libor era ends this year, and banks across the globe will have to shift to an alternative rate. Two popular choices available only have a few swap deals linked to them

Banks in India are ready to delink their foreign-exchange loans from London Interbank Offered Rate (Libor) to an alternative reference rate, but the international markets are still happily continuing with the old benchmark. 

The Libor era comes to an end in 2021, and banks across the globe will have to shift to an alternative rate. Secured Overnight Financing Rate (SOFR) and Sterling Overnight Interbank Average Rate (SONIA) are the two popular alternatives, but internationally, only a few swap deals are linked to them.  

There are three kinds of lending that are referenced to such international benchmarks. One is the line