SG’s First Dual Tranche SORA-SOFR Loan

CapitaLand and United Overseas Bank Limited (UOB) have participated in a two-year dual-tranche lending arrangement worth $200 million.

In a release, CapitaLand disclosed that the dual-tranche loan references both the Secured Overnight Financing Rate (SOFR) and also the Singapore Overnight Rate Average (SORA), making it the first of its kind within Singapore.

It kept in mind that the interest rate on both tranches will be based upon SORA and also SOFR’s day-to-day intensified standards, both calculated in arrears. It included that the profits of the financings will be utilized for general company objectives.

The bilateral funding facility comes ahead of an international change from interbank offer rates to alternate safe prices, which are extra transparent and also reflective of market problems.

The appropriate governing and industry bodies have recognized SORA and SOFR as “the alternate criteria rates to change the Swap Offer Rate (SOR) in Singapore and also the United States Dollar LIBOR respectively”.

” With our initial SORA-SOFR double tranche framework, CapitaLand remains to proactively get ready for the global change to alternative benchmark rates,” said Andrew Lim, Group Chief Financial Officer of CapitaLand Group.

” As a globally varied property firm, CapitaLand’s very early adoption of these new rates of interest benchmarks throughout various currencies enables us to collaborate with our vital financial partners such as UOB, to make certain that the Group’s ongoing shift of our loan publication to different standard prices proceeds efficiently.”

The partnership between CapitaLand and also UOB remains in line with the campaigns of the Monetary Authority of Singapore to sustain SORA’s adoption as a crucial rates of interest standard within the city-state and the advancement of lively and also durable SORA markets.

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