In the world of REITs, interest rates are a big deal because they directly impact the cost of borrowing. A higher cost of debt can reduce distributable income, as more of the REIT’s revenue is spent on interest payments. Singapore Dollar Swap Offer Rate (SOR) and Singapore Interbank Offered Rate (SIBOR) have been discontinued. To a layman like myself, that leaves SORA (Singapore Overnight Rate Average) as the de facto standard for floating interest rates. SORA Chart Since Singapore is an open economy and the SGD is managed against a basket of currencies, global interest rates, particularly from the US Federal Reserve, have a strong impact on the SORA. Looking at the SORA chart, it appears to mimic the Fed Rate over the past five years. Fed Rate SORA Rate You can get Singapore domestic interest rates data from the MAS. Floating Rate Debt: The Immediate Winner As you might know, REITs can have loans tied to floating rates...