Singapore Overnight Rate Average (SORA)

OCBC Bank has launched Singapore’s first home loan package that references the Singapore Overnight Rate Average (SORA). This is another milestone for the bank as the industry transitions towards adopting SORA as a new interest rate benchmark.

The loan facility agreement, which references the Singapore Overnight Rate Average (SORA), is Singapore’s first, as in the industry moves towards adopting SORA as the new interest rate benchmark for the Singapore dollar cash and derivatives markets.

SINGAPORE (Aug 30): Singapore’s banking body on Friday said it would shift away from using Singapore dollar swap offer rates (SOR) as a key lending benchmark due to likely discontinuation of the London Interbank Offered Rate, which heavily influences SO