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SORA

SGD – Singapore Overnight Rate Average (SORA)

Singapore Overnight Rate Average (SORA): An Alternative Reference Rate for Singapore Financial Markets
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The following 10 datasets are available for resale as part of the SORA data package:

Dataset Description
Tenors
SGD OIS SORA
1M – 30Y
SGD 1M Offered Rate vs SORA
1Y – 30Y
SGD 3M Offered Rate vs SORA
1Y – 30Y
SGD 6M Offered Rate vs SORA
1Y – 30Y
SGD SORA Single Period Swaps
1M, 3M, 6M & 12M curves
SGD OIS SORA vs USD SOFR
6M – 30Y
SGD SORA vs AUD AONIA
ON – 30Y
SGD SORA vs EUR ESTR
ON – 30Y
SGD SORA vs THB THOR
ON – 30Y
SGD SORA vs HKD HONIA
ON – 30Y
SUMMARY

SORA: the benchmark interest rate for overnight lending in Singapore.

What is SORA?

The Singapore Overnight Rate Average (SORA) is the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market in Singapore. This alternative reference rate has gained significant traction in the market, as financial institutions look for solutions to replace the fading benchmark of LIBOR.

How is SORA calculated?

SORA is based on actual transactions in the market, making it more representative of the current market conditions. Lastly, it is administered by the Monetary Authority of Singapore (MAS), which provides a level of assurance to market participants regarding its accuracy and reliability.

Key features of SORA

SORA offers a number of unique features that make it a valuable tool for financial services professionals. These features include:

  • SORA is based on a large and robust data set, covering a wide range of overnight transaction activities in the Singapore money market.
  • SORA is published daily, providing up-to-date information on the rate
  • The publication of SORA is overseen by the Monetary Authority of Singapore, providing a level of trust and assurance to market participants.

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BENEFITS OF SORA

Financial services can use SORA in several ways:

As a reference rate for pricing financial products such as bonds, loans, and derivatives.

As a benchmark rate for determining interest payments on savings and deposit accounts.

As a basis for determining the exchange rate between the Singapore dollar and other currencies.

As a benchmark for benchmarking fund performance.

As a reference rate for assessing the creditworthiness of borrowers.

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