Mizuho Bank

Mizuho International

Mizuho Securities Europe

Mizuho Trust & Banking

Benchmark rate reform and transition to risk free rates

Interbank Offered Rates (IBORs) are a series of benchmark interest rates, used globally for pricing loans, debt securities and derivatives. Following recommendations made by the Financial Stability Board in 2014, global initiatives have been undertaken to reform such benchmarks and to commence the transition to alternative benchmark or reference rates.

Developments in the three major IBORs, as at 5 July 2019, are summarised in the statement.