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StanChart, IDBI transact Rs 25-cr IRS swap 

Our Banking Bureau  
Mumbai, March 13: Standard Chartered Bank (StanChart) has transacted a long term interest rate swap (IRS) with the Industrial Development Bank of India (IDBI) for a notional amount of Rs 25 crore. The transaction is a five-year swap, the longest tenor ever in the domestic market. The five-year rate is fixed upfront and the one year rate is floating, which would be reset every year at the rate derived from the one-year overnight indexed swap published by Reuters. StanChart had earlier this week concluded a three-year deal with another foreign bank with Mibor as the benchmark. The IRS market has gathered momentum with more and more deals being concluded in the last fortnight. Swaps enable parties to alter the asset-liability profile of their balance sheets.

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