ข่าวประชาสัมพันธ์เศรษฐกิจ/การเงิน

SCB and MINT announce Thailand’s first corporate THOR-linked swap transaction, marking a major shift in the Thai financial industry.

For their swaps, Siam Commercial Bank (SCB) and Minor International PCL (MINT) are ready to adopt the Thai Overnight Repurchase Rate (THOR), developed by the Bank of Thailand as a new reference rate in anticipation of the upcoming phase-out of the London Interbank Offered Rate (LIBOR). The move is the first corporate THOR-linked swap transaction between a financial institution and a corporation in Thailand, emphasizing SCB and MINT’s good corporate governance and transparent business practices. A major shift in the Thai financial industry, THOR provides a reliable and transparent reference rate for corporate financial costs and reflects Thailand's real financial market conditions. SCB is ready to support market peers’ liquidity and promote wider adoption of THOR in financial markets.

SCB Executive Vice President, Head of Financial Markets Function, Mr. Patrick Poulier said that concerned parties in Thai financial markets are actively driving the adoption of THOR as the reference rate for a diverse range of transactions. However, these transactions are still mostly between financial institutions and corporate clients. Aiming to promote wider adoption of THOR among its corporate clients, SCB has initiated the first THOR-linked swap in Thailand, in cooperation with MINT. SCB is confident that THOR will be a reliable and transparent reference rate for corporate financial costs, and better reflect Thailand's financial market conditions. This move will promote financial market development and market liquidity in preparation for the full adoption of THOR, in line with the central bank's policy interest rate and preparation for the upcoming phase-out of the London Interbank Offered Rate (LIBOR). This cooperative effort also reflects SCB’s readiness and expertise as a leading bank in financial, derivative, and capital markets. SCB will continue promoting the adoption of THOR among a wider range of corporate clients.

MINT Chief Financial Officer Mr. Brian James Delaney said that the development of THOR as a transparent and reliable reference rate marks a major transition in Thailand’s financial markets. Particularly, THOR will better reflect Thailand's financial market conditions. Well aware of this major shift, MINT is delighted to drive the adoption of THOR among corporate clients in cooperation with the Bank of Thailand and market peers. The company is ready as the first corporate client in Thailand making THOR-linked swap with SCB. Importantly, the company is confident in SCB’s expertise as a leading bank working together with the company on financial transactions and risk management. MINT hopes to participate in supporting Thailand’s financial market stability with the adoption of the new reference rate.

Photo Caption
Siam Commercial Bank (SCB) and Minor International PCL (MINT) recently announced the collaboration to adopt the Thai Overnight Repurchase Rate (THOR) with the launch of the first corporate THOR-linked swap transaction in Thailand. Developed by the Bank of Thailand, THOR provides a reliable and transparent reference rate for corporate financial costs and reflects Thailand's real financial market conditions. SCB is ready to support market peers’ liquidity and promote wider adoption of THOR in financial markets. The celebration of such collaboration was held recently at SCB Headquarter with appearances of SCB First Executive Vice President, Corporate Banking 1 Function, Miss Soramon Inkatanuvatana, SCB Executive Vice President, Head of Financial Markets Function, Mr. Patrick Poulier, MINT Chief Financial Officer, Mr. Brian James Delaney and Bank of Thailand Assistant Governor Financial Markets Operations Group, Miss. Vachira Arromdee.