Reference · Benchmarks · Spreads
Global Market Data
Commercial debt is priced as a spread over a benchmark reference rate. The benchmark depends on currency, jurisdiction, and tenor. This page is an evergreen reference — it explains what these rates are and how they are used, not their daily prints.
01 · Risk-Free Reference Rates
| Code | Name | Region | Used For |
|---|---|---|---|
| SOFR | Secured Overnight Financing Rate | USD · US | Floating-rate USD loans, syndicated credit |
| CORRA | Canadian Overnight Repo Rate Average | CAD · Canada | Replaced CDOR; floating CAD loans and BAs |
| €STR | Euro Short-Term Rate | EUR · DE/FR/NL/FI/IE | Euro floating debt; EURIBOR still used for mortgages |
| EURIBOR | Euro Interbank Offered Rate (3M/6M/12M) | EUR · Eurozone | Most EU residential mortgages and corporate loans |
| SONIA | Sterling Overnight Index Average | GBP · UK | GBP loans, derivatives, FRNs |
| SARON | Swiss Average Rate Overnight | CHF · Switzerland | Swiss franc mortgages and floating debt |
| NOWA | Norwegian Overnight Weighted Average | NOK · Norway | NOK floating debt; NIBOR for term loans |
| SWESTR | Swedish krona Short Term Rate | SEK · Sweden | Replaced STIBOR overnight; SEK floating debt |
| DESTR | Danish Short-Term Rate | DKK · Denmark | DKK floating debt; CIBOR for term, Realkredit for housing |
| TONA | Tokyo Overnight Average Rate | JPY · Japan | Yen-denominated facilities, replaced TIBOR |
| KOFR | Korea Overnight Financing Repo Rate | KRW · South Korea | KRW floating debt, replacing CD rate |
| SORA | Singapore Overnight Rate Average | SGD · Singapore | SGD loans and mortgages, replaced SOR/SIBOR |
| HONIA | Hong Kong Dollar Overnight Index Average | HKD · Hong Kong | HKD floating debt; HIBOR for mortgages |
| AONIA | RBA Cash Rate / AONIA | AUD · Australia | AUD floating loans; BBSW for term |
| NZIONA | NZ Official Cash Rate / BKBM | NZD · New Zealand | NZD mortgages and corporate loans |
| SAIBOR | Saudi Arabian Interbank Offered Rate | SAR · Saudi Arabia | SAR mortgages and corporate finance (USD-peg anchored) |
| EIBOR | Emirates Interbank Offered Rate | AED · UAE | AED mortgages and commercial debt (USD-peg) |
| QAIBOR | Qatar Interbank Offered Rate | QAR · Qatar | QAR project finance and mortgages (USD-peg) |
| KIBOR | Kuwait Interbank Offered Rate | KWD · Kuwait | KWD lending; CBK discount-rate anchor (basket-peg) |
| BHIBOR | Bahrain Interbank Offered Rate | BHD · Bahrain | BHD corporate and real-estate debt (USD-peg) |
Overnight risk-free rates (SOFR, €STR, SONIA, SARON, TONA, SORA, CORRA, AONIA) replaced legacy IBOR benchmarks in major markets. GCC and several APAC jurisdictions retain IBOR-style fixings, typically anchored to the US Fed Funds rate via currency pegs.
02 · Government Yield Curves
Long-duration commercial debt — particularly fixed-rate CRE and infrastructure — is priced off the sovereign yield curve in the relevant currency. The 10-year point is the most quoted maturity for mortgage and CRE pricing globally.
- UST 10Y — US Treasury, global USD benchmark
- GoC 10Y — Government of Canada bond
- Bund 10Y — German federal, EUR anchor
- OAT 10Y — French sovereign (EUR)
- DSL 10Y — Dutch State Loan (EUR)
- BTP 10Y — Italian sovereign (EUR)
- IGB 10Y — Irish Government Bond (EUR)
- Bono 10Y — Spanish sovereign (EUR)
- Gilt 10Y — UK sovereign, GBP anchor
- CGB 10Y — Swiss Confederation bond (CHF)
- NGB 10Y — Norwegian Government Bond (NOK)
- SGB 10Y — Swedish Government Bond (SEK)
- DGB 10Y — Danish Government Bond + Realkredit covered bonds (DKK)
- JGB 10Y — Japan Government Bond (JPY)
- KTB 10Y — Korea Treasury Bond (KRW)
- SGS 10Y — Singapore Government Securities (SGD)
- HKGB 10Y — Hong Kong Government Bond (HKD)
- ACGB 10Y — Australian Commonwealth Government Bond (AUD)
- NZGB 10Y — New Zealand Government Bond (NZD)
- KSA Sukuk 10Y — Saudi sovereign sukuk (USD-peg anchored)
- UAE / Abu Dhabi 10Y — Sovereign USD-denominated paper
- Qatar / Kuwait / Bahrain — USD sovereigns; local debt priced off UST + spread
GCC sovereigns price most long-duration debt in USD or against the US Treasury curve due to dollar pegs (SAR, AED, QAR, BHD) and the KWD currency basket. Local-currency yield curves exist but liquidity is concentrated at the short end.
03 · Credit Spreads
Lenders price loans as benchmark + spread. Spread compensates for credit, liquidity, and structural risk. Typical ranges (in basis points over the relevant benchmark):
| Profile | Indicative Spread |
|---|---|
| Investment-grade corporate, senior secured | +100 to +200 bps |
| Stabilized core CRE, low LTV | +175 to +275 bps |
| Value-add CRE, transitional | +300 to +500 bps |
| Bridge / opportunistic | +500 to +900 bps |
| Mezzanine / preferred equity | +900 to +1500 bps |
Indicative only. Actual spreads vary materially by sponsor quality, asset class, jurisdiction, and cycle position.
04 · Tenor & Structure Conventions
- Bridge: 6–36 months, interest-only, exit fee at payoff
- Construction: 18–36 months, draw-and-fund, capitalized interest
- Mini-perm: 3–7 years, partial amortization, cash-flow sweep
- Permanent CRE: 5–10 years, 25–30 year amortization, balloon at maturity
- Infrastructure: 15–30 years, fully amortizing, often inflation-linked