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)
