Corporations that raise funds in the financial markets using a variety of financial instruments, such as bonds and loans, can reduce the volatility risk of interest rate if they choose appropriate interest rate references, such as LIBOR, HIBOR or SIBOR, for their floating-rate borrowings. This study finds that LIBOR is an interest rate at lower volatility significantly amongst all USD reference rates, while HIBOR and SIBOR are not reliable because of several reasons, including the liquidity of money markets, the composition of contributor banks and the guidance and requirement rate contribution. In conclusion, this thesis recommends corporations can reduce the interest rate risks and enjoy lower funding cost by selecting LIBOR as reference rate to price their floating-rate loans or bonds instead of using HIBOR and SIBOR.