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ICE Risk Free Rate (RFR) Indexes

About the ICE RFR Indexes

The ICE Risk Free Rate (RFR) Indexes, published by ICE Benchmark Administration Limited (IBA), are a set of RFR Indexes for SOFR, SONIA, €STR and TONA that provide daily values representing accrued compound interest relative to the first day value of 100.

Developed to help address key operational considerations of lenders and borrowers of RFR-based loans, the index values are designed to provide a simple method for calculating compound interest between any two index dates, allowing parties to agree transparently on interest accruals.

Please read ICE Benchmark Administration’s (IBA) benchmark and other information notice and disclaimer.

The following operational and economic features are included in the ICE RFR Indexes:

Zero (0%) Floor
Many lenders would like to reference an RFR Index with a minimum RFR rate of 0% (“a floor”). If the daily RFR value is below 0%, the ICE RFR index is calculated using 0% instead of the actual RFR value.
To help manage cash flows and address operational issues associated with calculating loan repayments before the end of an accrual period or the loan term, the ICE RFR Indexes provide indexes published in advance using a lookback period of either 2 or 5 business days
Produced on weekends and holidays
To facilitate the calculation of loan accruals on reporting dates that are not business days, all ICE RFR Indexes provide index values for weekends and holidays. Index values for non-business days are published alongside the rates for the first following business day.

Please watch our introduction to the ICE SONIA Indexes here which provides a summary background to the development of the indexes and outlines the operational drivers to include lookbacks, index values for each calendar day and a standardised approach for zero floors with practical working examples:


Using the ICE RFR Indexes to Calculate Interest

Publication Dates & Holidays




Recent Publications