Asian banks on watch with trillion-dollar Libor transition

Singapore

TRILLIONS of dollars globally are priced to Libor, the scandal-tainted benchmark that is due to vanish by end-2021 - and this massive transition may catch Asian banks wrong-footed with the speed of its phase-out.

The financial markets are transitioning to alternate reference rates to better reflect true borrowing costs, with this seismic move estimated to be of the same scale as the euro transition.