# Singapore debuts floater linked to risk-free rate

## DBS to issue one-year note with compounded SORA coupon

DBS is expected to issue the first floating rate note linked to the Singapore overnight rate average, SORA, this week. The issuance of the S$20 million ($14 million) one-year note is seen as an early step in building a term structure for Singapore’s chosen risk-free rate.

“This is part of the effort to build a new benchmark for the market; we are just chipping in to help,” says Andrew Ng, who heads the treasury team at DBS in Singapore. “It is only a one-year SORA note, but what we would like

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