金管局:年底前須修訂LIBOR合約在10月底只餘下330張
金管局副總裁阮國恆在《匯思》撰文,指倫敦銀行同業拆息(LIBOR)的大部份設置將會在明年1月1日起停止發布,今年年底前需要修訂的LIBOR合約在10月底只餘下330張,指不少企業近月已經以LIBOR的替代參考利率(ARR)進行了多宗交易。
阮國恆在上月底邀請了不同行業的代表會面,他引述招商局集團財務部副部長鍾濤表示,其所屬集團有一部分借貸是以美元LIBOR作為參考利率,雖然有關的設置將會繼續發布至2023年年中,但已經積極研究把這些借貸轉為參考擔保隔夜融資利率(SOFR),包括主動了解各種以SOFR計算利息的方法和信貸調整利差,以及使用不同方法對集團財務上的實際影響。
與會的還包括恆地(00012.HK)首席財務總監馮孝忠、友邦保險集團(01299.HK)司庫Scott Engle和李錦記健康產品集團首席財務官吳任輝。馮孝忠表示,其集團已經為LIBOR停止發布作出準備,並在近月向銀行借入了一筆以SOFR作為參考利率的短期美元貸款,以測試該集團在實際操作上是否能夠順利進行ARR交易,指以ARR計算利息比LIBOR較為複雜,大企業可以為此購買一些輔助軟件,但鑒於中小企的資源較少,建議財資市場公會或金管局向中小企提供使用ARR計算利息的標準化工具,協助它們從LIBOR過渡。
Scott Engle表示,集團在資產方持有的票據絕大部分為定息票據,不會受LIBOR停止發布影響,為了對沖風險,也有一些參考LIBOR的衍生工具合約,因此他們亦需要為LIBOR停止發布作準備,並已經進行了一些參考ARR的交易。他說,友邦在負債方有一些以美元LIBOR計算利息的銀團貸款,雖然有關的設置將會繼續發布至2023年年中,但他們亦一直與銀行溝通,以適時把這些貸款轉用SOFR作為參考利率,由於這些貸款涉及多間銀行,認為銀行需要繼續加強ARR借貸合約文本的規範性,使客戶能更容易從LIBOR過渡至ARR,惟他理解這方面的工作需要時間推進,並需要ARR借貸更加趨向普及時,才有機會更快地推展標準化的進程。
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