Wilmar, DBS ink agribusiness industry's first Sora-pegged loan

SINGAPORE - Agri-food giant Wilmar International has obtained a $200 million corporate loan pegged to the Singapore Overnight Rate Average , from DBS.

Its interest rate comprises a compounded daily Sora rate calculated in arrears and an applicable margin. "Forward-looking companies like Wilmar are positioning themselves for the future by tapping Sora financing early. As for the interest-rate swap, DBS group head of treasury and markets Andrew Ng said it shows the bank's commitment to increase liquidity in Sora-derivatives.

In August 2019, it was announced that Singapore will move from the SGD SOR to Sora. This comes as the London Interbank Offered Rate will be discontinued by end-2021, which will affect SOR as it uses the US-dollar Libor in its computation.

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