KUALA LUMPUR, Jan 19 (Bernama) — AmBank Group and Maybank have jointly entered into the first Malaysia Overnight Rate (MYOR) interest rate swap (IRS) transaction. This is the first time that the new reference rate MYOR, which was introduced by Bank Negara Malaysia in September 2021 as an alternative to the Kuala Lumpur Interbank Offered Rate (KLIBOR), is being used for an IRS transaction.
The landmark transaction between both banks for a notional value of RM500 million sets a new footprint for further market development towards adopting MYOR as the preferred benchmark for Ringgit cash and derivatives market.