SORA: what it is, who publishes it, and how it prices home loans
SORA is the Singapore Overnight Rate Average, derived from actual overnight interbank transactions. It is a reference rate that home loans add a spread to.
On this page
- What SORA measures
- Volume-weighted average rate of unsecured overnight interbank SGD transactions, 8am to 6.15pm Singapore timeMAS: SORA definition
- Administrator
- Monetary Authority of Singapore (MAS)MAS: SORA administration
- Publication time
- 9am the next business day, on the MAS websiteMAS: SORA publication
- Replaced
- SGD Swap Offer Rate (SOR), which was discontinued immediately after 30 June 2023ABS: benchmark discontinuation
What SORA is
SORA, the Singapore Overnight Rate Average, is defined as the volume-weighted average rate of borrowing transactions in the unsecured overnight interbank SGD cash market between 8am and 6.15pm, as published by MAS, Singapore Overnight Rate Average. It is derived from actual transactions reported by banks. MAS, Singapore Overnight Rate Average (opens in a new tab).
SORA is a benchmark published by MAS, Singapore Overnight Rate Average (opens in a new tab).
How MAS computes and publishes SORA
On each business day, reporting banks provide transaction data for all eligible overnight unsecured interbank SGD trades executed between 8am and 6.15pm. MAS conducts data validation and publishes SORA on the MAS website the next business day at 9am, as described in MAS, Singapore Overnight Rate Average. MAS conducts data validation and publishes SORA (opens in a new tab).
SOR (SGD Swap Offer Rate), which relied on USD LIBOR in its computation, was discontinued immediately after 30 June 2023. ABS: benchmark discontinuation (opens in a new tab).
Financial institutions can no longer reference SOR for charging interest on loans. The industry transitioned to overnight alternative reference rates, including SORA for SGD contracts, or relevant contractual fallback rates. MAS: SOR transition (opens in a new tab).
Keep the benchmark separate from the product rate
This guide explains SORA as a published benchmark. It does not describe or recommend any loan product.