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.

The US$25 million ($33.6 million) transaction is priced off SOFR Averages as the global Interbank Offered Rate (IBOR) transition gathers pace.

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