Publications


Fallback Rate (SOR) is the primary fallback rate that will first apply upon the discontinuation of SOR after 30 June 2023. Similar to SOR, Fallback Rate (SOR) is an FX-implied rate based on actual qualifying transactions in the USD/SGD FX swap market reported by Reporting Brokers and a USD interest rate.


The final Fallback Rate (SOR) publication date for each tenor is the date corresponding to an Original SOR Rate Record Day of 31 December 2024 for that tenor, as projected in the table below:

Projected Last Date of Fallback Rate (SOR) Publication
Tenor Original SOR Rate Record Day Publication Date
Overnight 31 December 2024 2 January 2025
1-month 28 January 2025
3-month 1 April 2025
6-month 1 July 2025

(1) Active Transition Phase (1 September 2023 to 30 April 2024) using Adjustment Spread (spot-spread)


Date 1-month SIBOR to 3-month Compounded SORA 3-month SIBOR to 3-month Compounded SORA
Sep 2023 0.2983 0.4042
Oct 2023 0.3023 0.3746
Nov 2023 0.3170 0.3547
Dec 2023 0.3015 0.3331
Jan 2024 0.2899 0.3216
Feb 2024 0.2979 0.3297
Mar 2024 0.3348 0.3667
Apr 2024

(2) Automatic Conversion in June 2024 using Adjustment Spread (historical median)

As announced by the SC-STS on 30 June 2023, the 5-year historical median spreads* that will apply for SIBOR retail loans at automatic conversion are provided in the table below:


Date 1-month SIBOR to 3-month Compounded SORA 3-month SIBOR to 3-month Compounded SORA
Jun 2024 0.2426 0.3571

*The 5-year historical median is computed based on the SIBOR and compounded SORA data published on Singapore business days over the period from 30 June 2018 to 30 June 2023.