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In New Zealand, rather than LIBOR, the key short-term interest rate benchmark rates are the bank bill rates calculated at the time of the BKBM Trading Window (between 10:20-10:22 am).
In the case of an OMO or Reserve Bank bill tender, the Bank will also look to have the majority of successful transactions going to our 'preferred' maturity date.
RBS also reported to ASIC that it had found limited instances of communications discussing trading of Reference Bank Bills with reference to the setting of BBSW.
As confidence in the bank bill market deteriorated in mid-2007, local banks were increasingly reluctant to hold each others' bills, as they were concerned that they might not be able to sell them if they needed liquidity.
His comment appeared to indicate readiness to revise the bridge bank bill by integrating an opposition proposal to entrust a government panel of experts free from Finance Ministry influence with determining when to transform a failing bank into a bridge bank.
Suncorp s offer (CPS3), is expected to pay a margin of 3.40% to 3.60% over the 3 month bank bill swap interest rate.
The company is marketing AUD690m worth of securities that could be priced at between 140 basis points and 145 basis points over the one-month bank bill swap rate.
* The withdrawal of the regular weekly Reserve Bank bill tender.
This involves the manipulation of the bank bill swap reference rate, a benchmark used to set the price of Australian financial products such as bonds and loans.
ASIC today accepted an enforceable undertaking (EU) from BNP Paribas (BNP) in relation to potential misconduct involving the Australian Bank Bill Swap Rate (BBSW).
The benchmark bond was launched at 145 basis points over swap and bank bill swap reference rate (BBSW) and the final pricing will be set tomorrow.
The Reserve Bank of Australia has asked financial institutions to prepare alternative interest rate benchmarks because of anticipated problems with the controversial bank bill swap rate (BBSW).