Singapore rates stirring from slumber to track rising US rates

3-month SOR stayed above 1% through last week - the longest stretch this year that it had done so

Published Mon, Oct 30, 2017 · 09:50 PM

Sibor

Singapore

SINGAPORE interest rates seem to be finally on an upward march, tracking higher US rates.

The three-month swap offer rate (SOR) stayed above 1 per cent the whole of last week, hitting a year high of 1.06973 per cent on Wednesday. Eugene Leow, DBS Bank rates strategist, described it as a significant development.

So far this year, those five days have been the longest stretch that the three-month SOR stayed above 1 per cent.

The three-month SOR, used to price commercial loans, shot over 1 per cent for four days at the end of last year and at the start of this year. It then sank and hit the year's low of 0.64071 on June 22. It tried climbing again in July, and rose above 1 per cent for three days, but fel…