Publications

SOR & SIBOR Transition to SORA Materials

SC-STS’ Notice on Publication of MAS Recommended Rate by Bloomberg Index Services Limited (10 July 2023)

SC-STS’ Response to Consultation Feedback on Adjustment Spreads for the Conversion of SIBOR Loans to SORA (30 June 2023)

SC-STS’ Adjustment Spread Calculator for Active Transition of Institutional SOR Contracts Version 1.1 (26 June 2023)

SC-STS’ Guidance on Spread Adjustments for the Transition of Legacy Fixed Rate Debt Securities Referencing SOR IRS (13 June 2023)

SC-STS’ Notice on No Continued Publication of SOR after 30 June 2023 (19 May 2023)

Consultation Paper on Adjustment Spreads for the Conversion of Legacy SIBOR Loans to SORA (15 March 2023)

SC-STS’ computation of the MAS Recommended Rate Adjustment Spreads and the Reference Spot Spreads (14 December 2022)

SC-STS’ Adjustment Spread Calculator for Active Transition of Institutional SOR Contracts (14 December 2022)

Implementation of Supplementary Guidance on Adjustment Spreads for the Conversion of Legacy SOR Loans to SORA (14 December 2022)

Response to Consultation Feedback on Adjustment Spreads for the Conversion of Legacy SOR Contracts to SORA (18 July 2022)

Addendum: Timelines to Cease Issuance of SOR and SIBOR-linked Financial Products version 1.2 (18 July 2022)

SORA Market Compendium on the Transition from SOR to SORA version 1.1 Updated (7 July 2022)

SORA Market Compendium on the Transition from SOR to SORA version 1.1 Updated (Tracked Changes) (7 July 2022)

Public Consultation Paper on Adjustment Spreads for the Conversion of Legacy SOR Contracts to SORA (18 May 2022)

FAQs on Transition of Legacy SOR Loan Contracts (15 December 2021)

SORA Market Compendium on the Transition from SOR to SORA version 1.1 (17 November 2021)

SORA Market Compendium version 1.1 (Tracked Changes) (17 November 2021)

Timelines to Cease Issuance of SOR Derivatives and SIBOR-Linked Financial Products Version 1.1 (05 August 2021)

Recommendations for Transition of Legacy SOR Contracts (29 July 2021)

SORA – A guide for Corporates and SMEs Version 1.1 (Updated July 2021)

Timelines to Cease Issuance of SOR Derivatives and SIBOR-Linked Financial Products ( 31 March 2021)

Keynote Speech by MAS’ Deputy Managing Director at ABS-ASIFMA Virtual Event on Singapore IBOR Transition (02 February 2021)

ABS-SFEMC and SC-STS Response to Feedback Received on SIBOR Reform and the Future Landscape for SGD Interest Rate Benchmarks (11 December 2020)

SORA – A guide for Corporates and SMEs (30 November 2020)

Timelines to Cease Issuance of SOR-linked Financial Products (27 October 2020)

Overview on the Usage of SORA in Loans: Customer Segments and Preferences (27 October 2020)

SC-STS End-User Checklist on Benchmark Transition (27 October 2020)

SORA Market Compendium on the Transition from SOR to SORA (27 October 2020)

Keynote Speech by ABS & SC-STS Chairman at ABS’ Roundtable Session on SGD Interest Rate Landscape Changes (09 September 2020)

Keynote Speech by MAS’ Deputy Managing Director at ABS’ Roundtable Session on SGD Interest Rate Landscape Changes (09 September 2020)

ABS and SC-STS Letter on Adherence to the ISDA IBOR Fallback Protocol (18 August 2020)

ABS-SFEMC and SC-STS Public Consultation on SIBOR Reform and the Future Landscape for SGD Interest Rate Benchmarks (29 July 2020)

SC-STS’ Response to Feedback Received on Proposed Roadmap for Transition from SOR to SORA (19 March 2020)

Letter informing ISDA of SC-STS 'support for the use of Adjusted SOR in the ISDA fallback approach
(11 December 2019)

ABS-SFEMC Public Consultation on Roadmap for Transition of Interest Rate Benchmarks: From SOR to SORA (30 August 2019)

SORA Contract Templates

SGD SORA OIS (20 February 2020)

SGD SORA USD SOFR CCS (20 February 2020)

SGD SORA USD SOFR CCS (interdealer with MTM reset) (20 February 2020)

SGD SORA SGD SOR basis swap (20 February 2020)

Fallback Rate (SOR)

Fallback Rate (SOR) is the primary fallback rate that will first 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.

CALCULATION METHODOLOGY FOR FALLBACK RATE (SOR) (07 August 2020)

ABS Co & ISDA Fallback Rate (SOR) Factsheet (30 September 2020)

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

SIBOR to SORA Adjustment Spread (Retail)

(1) Active Transition Phase (1 September 2023 to 30 April 2024) using Adjustment Spread (spot-spread)

Calculation Methodology for SIBOR to SORA Adjustment Spread (spot-spread) (04 September 2023)

Date	1-month SIBOR to 3-month Compounded SORA	3-month SIBOR to 3-month Compounded SORA
Sep 2023	0.2983	0.4042
Oct 2023	0.3023	0.3746
Nov 2023	0.3170	0.3547
Dec 2023	0.3015	0.3331
Jan 2024	0.2899	0.3216
Feb 2024	0.2979	0.3297
Mar 2024	0.3348	0.3667
Apr 2024	0.3665	0.3983

(2) Automatic Conversion in June 2024 using Adjustment Spread (historical median)

As announced by the SC-STS on 30 June 2023, the 5-year historical median spreads* that will apply for SIBOR retail loans at automatic conversion are provided in the table below:

Calculation Methodology for SIBOR to SORA Adjustment Spread (historical-median) (30 June 2023)

Date	1-month SIBOR to 3-month Compounded SORA	3-month SIBOR to 3-month Compounded SORA
Jun 2024	0.2426	0.3571

*The 5-year historical median is computed based on the SIBOR and compounded SORA data published on Singapore business days over the period from 30 June 2018 to 30 June 2023.

SOR to SORA Adjustment Spread (Retail)

CALCULATION METHODOLOGY FOR SOR TO SORA ADJUSTMENT SPREAD (RETAIL) (01 September 2021)

ADJUSTMENT SPREADS (RETAIL) FOR SOR TO SORA TRANSITION (September 2021 - 2022)