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SOR-linked financial products to stop by April 2021 as Singapore gears up for Sora

Sora expected to be de facto floating rate benchmark after April

Published Tue, Oct 27, 2020 · 09:50 PM

Singapore

ISSUANCE of loans and securities linked to the Swap Offer Rate (SOR) that mature after end-2021 will need to cease by April next year, in a push by a financial industry-led committee to shift away from the use of SOR to the Singapore Overnight Rate Average (Sora) in financial products.

To support this, all domestic systemically important banks (D-SIBs) should be ready to offer new Sora-based products to customers by end-February.