DBS prices first SORA-based floating rate notes

The notes have a notional amount of $20m (US$14m).

DBS has priced the first Singapore Overnight Rate Average (SORA)-referenced floating rate notes under its $42.5b (US$30b) Global Medium-Term Note Programme, according to a news release.

The issuance supports the Association of Banks in Singapore and the Singapore Foreign Exchange Market Committee (ABS-SFEMC) roadmap for the development of SORA-based markets.

The notes have a notional amount of $20m (US$14m) and a tenor of one year. It will bear a coupon rate of Compounded Daily SORA + 0.65% per annum, payable quarterly in arrear with Compounded Daily SORA calculated using a five business day look-back observation period.

It will be issued on 14 May and the net proceeds will be used for general business purposes.

SORA is a transaction-based interest rate benchmark underpinned by the SGD overnight interbank funding market and has been published by the Monetary Authority of Singapore since July 2005.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia