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.

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:

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

(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:

*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.