The US$25 million ($33.6 million) transaction is priced off SOFR Averages as the global Interbank Offered Rate (IBOR) transition gathers pace.
DBS Bank has, on June 23, announced the completion of its first export financing transaction referencing the USD Secured Overnight Financing Rate (SOFR) with Bunge, a global food and agri-business.
The transaction is also a first in Singapore.
