The first government to issue risk-free rate (“RFR”) referenced notes in Asia is Singapore.

In August 2020, the Monetary Authority of Singapore (“MAS”) auctioned off S$500 million of six-month floating rate notes (“FRN”) with a spread over compounded Singapore Overnight Rate Average (“SORA”) in arrears.

SORA is the recommended alternative to the Singapore Interbank Offered Rate (“SIBOR”) and Singapore Swap Offer Rate (“SOR”), both of which will likely cease after end of 2021, pending public consultation in progress.

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