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SORA transition in Singapore: challenges for intra-period events in loan documentation
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On 27 October 2020, the Steering Committee for SOR Transition to SORA (SC-STS) released the SORA Market Compendium (Compendium), which serves as industry guidance on key issues that need to be considered for market participants’ existing or future Singapore dollar financial products. In the Compendium, the SC-STS recommends for compounding in arrears the use of a cumulative convention, rather than the daily non-cumulative convention. The use of a cumulative approach to the compounding of SORA may pose difficulties for intra-interest period events. This article sets out some of the approaches which may address these difficulties.
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