Wilmar, DBS ink agribusiness industry's first SORA loan

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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