Swap Offer Rate means: (aa) the rate per annum (expressed as a percentage) notified by the Calculation Agent to the Issuer equal to the swap offer rate published by the Association of Banks in Singapore (or such other equivalent body) for a period equal to the duration of the Reset Period specified in the applicable Pricing Supplement on the second business day prior to the relevant Reset Date (the “Reset Determination Date”); (bb) if on the Reset Determination Date, there is no swap offer rate published by the Association of Banks in Singapore (or such other equivalent body), the Calculation Agent will determine the swap offer rate for such Reset Period (determined by the Calculation Agent to be the rate per annum equal to the arithmetic mean (rounded up, if necessary, to four decimal places) of the rates (excluding the highest and the lowest rates) which appears on Page TPIS on the monitor of the Bloomberg Agency under the caption “Tullett Prebon – Rates – Interest Rate Swaps – Asia Pac – SGD” and the column headed “Ask” (or if the Calculation Agent determines that such page has ceased to be the commonly accepted page for determining the swap offer rate, such other replacement page as may be specified by the Calculation Agent after taking into account the industry practice at that relevant time and the recommendations by the Association of Banks in Singapore (or such other equivalent body)) at the close of business on each of the five consecutive business days prior to and ending on the Reset Determination Date); (cc) if on the Reset Determination Date, rates are not available on Page TPIS on the monitor of the Bloomberg Agency under the caption “Tullett Prebon – Rates – Interest Rate Swaps – Asia Pac – SGD” and the column headed “Ask” (or if the Calculation Agent determines that such page has ceased to be the commonly accepted page for determining the swap offer rate, such other replacement page as may be specified by the Calculation Agent after taking into account the industry practice at that relevant time and the recommendations by the Association of Banks in Singapore (or such other equivalent body)) at the close of business on one or more of the said five consecutive business days, the swap offer rate will be the rate per annum notified by the Calculation Agent to the Issuer equal to the arithmetic mean (rounded up, if necessary, to four decimal places) of the rates which are available in such five-consecutive-business-day period or, if only one rate is available ...
Swap Offer Rate means the rate per annum (expressed as a percentage) notified by the Agent Bank to the Issuer equal to the rate appearing under the column headed “SGD IRS OFFER” for a maturity of the number of years specified as the Reset Period in the applicable Pricing Supplement which appears on Bloomberg Screen ABSI3 Page published between 11.30 am to 12.00 noon (Singapore time) on the day that is two business days preceding the relevant Reset Date. If such rate does not appear on the Bloomberg Screen ABSI3 Page, the rate for that Reset Date will be any substitute rate announced by the Association of Banks in Singapore, provided that, in each case, in the event such rate is zero or negative, the Swap Offer Rate shall be deemed to be zero per cent. per annum.
Swap Offer Rate means, the rate per annum (expressed as a percentage) determined and notified by the Calculation Agent to the Issuer and the Principal Paying Agent equal to the rate appearing under the column headed “Ask” for a maturity of five years which appears on the Bloomberg Screen TPIS Page under the caption “Tullett Prebon – Rates – Interest Rate Swaps – Asia Pac – SGD” (or such other substitute page thereof or if there is no substitute page, the screen page which is the generally accepted page used by market participants at that time) published at the close of business on the second business day preceding the relevant Reset Date(the “Reset Determination Date”), provided that, in the event such rate is zero or negative, the Swap Offer Rate shall be deemed to be zero per cent. per annum.
Examples of Swap Offer Rate in a sentence
For example, a Borrower’s credit facility for the purchase of Property has the following interest rate formulation: Years 1 to 3: Fixed rate of X% Year 4 onwards: Singapore Interbank Offered Rate (SIBOR) + Y% The interest rate formulation under the Re-financing Facility shall not be considered the same if there is a change in X%; Y%; or the reference rate is changed from SIBOR to another type of reference rate such as the Singapore Swap Offer Rate (SOR).
The values of reference rates based on market rates such as Singapore Interbank Offered Rate (SIBOR) and the Singapore Swap Offer Rate (SOR) will vary according to market movements.
SOR means the synthetic rate for deposits in Singapore Dollars known as the Singapore Dollar Swap Offer Rate provided by ABS Benchmarks Administration Co Pte.
See Roadmap for Transition of Interest Rate Benchmarks: From SGD Swap Offer Rate (SOR) to Singapore Overnight Rate Average (SORA) (Aug.
The coupon will be resettable on year 5 and every 5 years thereafter at the prevailing 5-year Hong Kong Dollar Swap Offer Rate plus a fixed initial spread.
More Definitions of Swap Offer Rate
Swap Offer Rate means, with respect to any Euro-Dollar Loan or Borrowing denominated in Singapore Dollars:
Swap Offer Rate means the rate for deposits in Singapore Dollars for the relevant interest period which appears on the Reuters Screen ABSFIX01 Page under the heading "SGD SOR rates" as of 11:00 a.m., London time, on the day that is two Singapore and London Banking Days preceding the first day of that interest period or on such other date as DBS Bank may determine. If such rate does not appear on the Reuters Screen ABSFIX01 Page, the rate will be any substitute rate announced by ABS Benchmarks Administration Co Pte. Ltd. (or its successor as administrator or sponsor of that rate) ("Administrator"). If the Administrator does not announce such rate by 9:00pm, Singapore time, on the day that is two Singapore and London Banking Days preceding the first day of that interest rate period, DBS Bank may specify another page or service displaying the appropriate rate. "Banking Days" in this paragraph means in respect of any city, any day on which commercial bank are open for general business (including dealings in foreign exchange and foreign currency deposits) in that city;
Swap Offer Rate means the [semi-] annual swap offer rate for [Singapore $] swap transactions with a maturity of [•] years, expressed as a percentage, displayed on the Bloomberg page “[SDSW[•] TPRA Curncy]” (or such other page as may replace that page on Bloomberg, or such other service as may be designated by the [Managers]/[Dealer] in consultation with the Issuer) at [•] [a.m./p.m.] ([Singapore] time) on the [second] Singapore business day prior to [•].]
Swap Offer Rate means the [semi-] annual swap offer rate for [Singapore $] swap transactions with a maturity of [•] years, expressed as a percentage, displayed on the Bloomberg page “[SDSW[•] TPRA Curncy]”
Swap Offer Rate means the rate in per cent. per annum determined and notified by the Calculation Agent to the Issuer and the Holders (in accordance with Condition 14 (Notices)):
Swap Offer Rate has the meaning ascribed to it in Schedule 1;
Swap Offer Rate means, with respect to a date, the rate in per cent. per annum notified by the Calculation Agent to the Issuer and the Holders (in accordance with Condition 14 (Notices)) equal to the average of the Singapore Dollar Interest Rate Swap Offer Rate for a maturity of five years which appears on Bloomberg Screen ABSI3 page published between 11.30 am to 12.00 noon (Singapore time) on each Business Day in the three-month period ending one full calendar month immediately preceding such date. If such rate does not appear on the Bloomberg Screen ABSI3 page on any such Business Day, the rate for that Business Day will be any substitute rate announced by the Association of Banks in Singapore;