SINGAPORE (THE BUSINESS TIMES) - OCBC Bank has launched Singapore's first home loan referencing the Singapore overnight rate average (Sora), an alternative benchmark rate, available to buyers of completed private properties with a minimum loan size of $1 million.

This is another step in the industry's move toward adopting the Sora - the average rate of unsecured overnight interbank Singdollar (SGD) transactions brokered in Singapore - as the new interest rate benchmark for the SGD cash and derivatives market.