All Domestic Systemically Important Banks (D-SIBs) are expected to offer a full-suite of SORA-based products to their customers by end February 2021.

By the end of April 2021, all financial institutions and their customers are to cease usage of SOR-linked loans and securities that will mature after end 2021.

The Steering Committee for SOR & SIBOR Transition to SORA (SC-STS) and MAS have announced the following new industry timelines: Industry Announcements on Timelines for SOR and SIBOR Cessation The Association of Banks in Singapore’s (ABS) website on SOR to SORA transition: The International Organisation of Securities Commissions’s website on a general background regarding benchmarks transition from LIBOR UK Financial Conduct Authority’s website on transition from LIBOR: Monetary Authority of Singapore’s website on Interest Rate Benchmark Transitions: Our Bank’s representative or Relationship Manager will contact customers to assist customers with this transition, taking into account the industry’s guidance.Ĭustomers may refer to the following websites to understand the current global reform, as well as the frequently asked questions on MAS and ABS’s websites for more information on the transition of SOR to SORA. This will require them transiting the LIBOR or SOR reference rate to the relevant RFRs of either SOFR for USDLIBOR or SORA for SGDSOR. Should our customers have loan(s) or derivatives contracts with us that reference LIBOR or SOR maturing after December 2021, this transition will impact them. SORA has been published by the Monetary Authority of Singapore since 2005.

The Association of Banks in Singapore and the Singapore Foreign Exchange Market Committee (ABS-SFEMC) has identified the Singapore Overnight Rate Average (SORA) as the most suitable interest rate benchmark to replace SOR. What is Singapore doing about the transition?Īs the Singapore Dollar Swap Offer Rate (SOR) utilises USD LIBOR in its computation, the expected discontinuation of LIBOR by end-2021 would impact the sustainability of SOR. Thailand Overnight Repurchase Rate (THOR)

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