Singapore sticks to end-2021 goal for Libor shift

The Singapore committee, formed by the city-state’s central bank, (pic) reaffirmed its previous guidance for lenders and borrowers to cease using the SGD swap offer rate (SOR), which is computed using Libor, for new SOR-linked cash market products by end-April 2021.

SINGAPORE: Singapore signaled that local banks and borrowers should move away from using the discredited London interbank offered rate to price financial products this year, even after global Libor authorities looked to delay its retirement.

A steering committee overseeing the transfer to a new benchmark emphasised yesterday that the proposed delay by the administrator of pivotal US dollar Libor benchmarks shouldn’t slow down Singapore’s transition.