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ABS Benchmarks Administration Co Pte Ltd (“ABS Co.”) was setup on 13 June 2013, as a wholly owned subsidiary of The Association of Banks in Singapore (“ABS”), to own and administer the ABS Benchmarks in Singapore - the Singapore Interbank Offered Rate (“SIBOR”) [discontinued from 1 January 2025], the Swap Offer Rate (“SOR”) [discontinued from 1 July 2023], the Singapore Dollar Spot FX and the Thai Baht Spot FX. ABS Co. also owns and administers the Fallback Rate (SOR), the first fallback rate to be applied upon SOR’s discontinuation after 30 June 2023.

LSEG (formerly known as Thomson Reuters or Refinitiv) is the appointed Calculation Agent for the above-mentioned benchmarks.

ABS Co. was formally licenced on 15 April 2020 by the Monetary Authority of Singapore (“MAS”) as an Authorised Benchmark Administrator to carry on the business of administering the designated benchmark(s). The notification in the Government Gazette may be accessed at www.egazette.com.sg and may also be viewed here.

In August 2019, Singapore Overnight Rate Average (“SORA”), which is administered and published by the Monetary Authority of Singapore, was identified by The Association of Banks in Singapore (“ABS”) and Singapore Foreign Exchange Market Committee (“SFEMC”) as the alternative near risk-free overnight interest rate benchmark to replace SOR in Singapore dollar (“SGD”) interest rate products such as derivatives, corporate loans and bonds. This was to address the then-impending situation that SOR, which relied on US dollar (“USD”) London Interbank Offered Rate (“LIBOR”) in its computation methodology, would be discontinued when USD LIBOR was to be discontinued after end-2021. The UK Financial Conduct Authority subsequently announced in March 2021 that the overnight, 1-month, 3-month, 6-month and 12-month USD LIBOR settings, which were used in SOR, would cease to be provided by any administrator or be no longer representative immediately after 30 June 2023. Consequently, SOR was discontinued after 30 June 2023, across all tenor settings.

It was also finalised in December 2020 that all remaining tenors of SIBOR would be discontinued to align with global interest rate benchmark reforms to move away from Interbank Offered Rates (“IBOR”) and support Singapore’s transition to a single interest rate landscape under SORA. This followed from the July 2018 “Response to Feedback Received from the Consultation Paper on the Evolution of SIBOR” where it was announced that the 12-month SIBOR was to be discontinued due to low market usage and the lack of underlying transactions underpinning this benchmark tenor.

Tenor Last Day of Publication
1-month SIBOR 31 December 2024
3-month SIBOR 31 December 2024
6-month SIBOR 31 March 2022
12-month SIBOR 31 December 2020

Calculation methodologies for USD/SGD and USD/THB Spot FXs (Updated 1 January 2025)

Calculation Methodology for Fallback Rate (SOR) (7 August 2020)

Fallback Rate (SOR) is the synthetic rate for deposits in SGD, which represents the effective cost of borrowing SGD synthetically by borrowing USD for the same maturity, and swapping out the USD in return for the SGD.

Fallback Rate (SOR) is the first fallback rate that will apply upon the discontinuation of SOR after 30 June 2023. Similar to SOR, Fallback Rate (SOR) is an FX-implied rate based on actual qualifying transactions in the USD/SGD FX swap market reported by Reporting Brokers and a USD interest rate.

The final Fallback Rate (SOR) publication date for each tenor is the date corresponding to an Original SOR Rate Record Day of 31 December 2024 for that tenor, as projected in the table below:

Projected Last Date of Fallback Rate (SOR) Publication
Tenor Original SOR Rate Record Day Publication Date
Overnight 31 December 2024 2 January 2025
1-month 28 January 2025
3-month 1 April 2025
6-month 1 July 2025

The respective Codes of Conduct for SIBOR and SOR are effective as of 15 April 2020 and up to and including the respective discontinuation date of each designated benchmark.

SIBOR Code of Conduct for Contributor Banks (Version as at: 10 July 2019)

SOR Code of Conduct for Reporting Brokers (Version as at: 24 February 2020)

From 1 October 2015, the rates will be published on the ABS website 7 calendar days delayed from the original publication date and time.

The last SIBOR publication on 31 December 2024 will be available on 7 January 2025 around 11.30am (Singapore time), 7 calendar days delayed. Thereafter, there shall be no further publication of 7-day delayed data.

For avoidance of doubt, SOR was discontinued from 1 July 2023 and SIBOR was discontinued from 1 January 2025. Historical SIBOR and SOR trend charts can be found in the next tab.

ABS Co. SIBOR on: 31 December 2024

SGD SIBOR
1 month 3.28000
3 month 3.30000

Click here for SIBOR trends

Click here for SOR trends

Click here for Fallback Rate (SOR) trends

1. Your usage of this website and the rates published therein construe acceptance of the terms and conditions in the attached document.

2. The ABS Benchmarks are proprietary information, and may not be reproduced, transmitted, or distributed in whole or part without the express written permission of the ABS Co.

3. The rates supplied here are for personal use only. No commercial or business use is allowed.

4. ABS Co., the Contributor Banks, the Reporting Brokers and LSEG shall not be liable for any loss of business or profits nor any direct, indirect or consequential loss or damage resulting from any such use of these rates.

SIBOR and SOR data usage fees were introduced on 1 October 2015 where subscribers who receive real-time SIBOR and/or SOR data from a market data vendor are required to pay the associated data fees. SIBOR and SOR data delayed by 24-hours or more will be available for free to end users of a market data vendor.

Following the permanent cessation of SOR after 30 June 2023, users who continue to subscribe to real-time SOR package will have access to newly published forward points, SGD spot reference rate and Fallback Rate (SOR). This is applicable for all subscribers and redistributors and the relevant licence fees will apply.

Upon the discontinuation of SIBOR after 31 December 2024 and Fallback Rate (SOR) after 1 July 2025, the data usage fees (end user, non-display usage and redistribution) for these benchmarks will no longer apply.

More information can be found in the following documents:-

View the press release here

Click here for the Data Fees & FAQs (updated 1 November 2022)

Please contact ABS Co. at absCo@abs.org.sg or +65 6224-4300 for more information

benchmark rates

#12-08, MAS Building

10 Shenton Way, Singapore 079117

Tel: (65) 6224 4300 / Fax: (65) 6224 1785

Email: banks@abs.org.sg

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