DBS's group head of institutional banking Tan Su Shan said the latest facility"builds momentum" to facilitate the industry's transition towards adopting SORA as the new interest-rate benchmark for the Singapore dollar cash and derivatives markets.
Wilmar's chief financial officer Charles Loo said the loan will put the agri-food company"in good stead to ride the wave of interest-rate reforms and drive better understanding and greater adoption of risk-free rates in general, which is more stable and robust". SORA is a backward-looking overnight rate, as compared to forward-looking reference rates commonly used for loan facilities in Singapore, such as the SGD Swap Offer Rate where the interest rate is determined at the start of the interest period.
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