, as the scandal-tainted London Interbank Offered Rate will be phased out by end-2021. Libor's demise will affect SOR, as the latter uses the US-dollar Libor in its computation.
In August 2019, the Association of Banks in Singapore and the Singapore Foreign Exchange Market Committee identified SORA as the most suitable interest rate benchmark to replace the SOR. Elaine Lam, OCBC's head of global corporate banking, said the SORA-based loan represents a"milestone" in the bank's decades-long relationship with Sembcorp and augurs well for Singapore's transition from SOR to SORA.
In its press statement on Tuesday, OCBC also noted that the adoption of SORA as an interest rate benchmark for corporate and retail loans has been gaining traction over the past five months.
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