Singapore is blazing a trail in the global effort to replace LIBOR, becoming one of the first countries to auction debt linked to an alternative benchmark.

The Monetary Authority of Singapore sold S$500 million (US$366 million) of six-month notes with a spread over the compounded Singapore Overnight Rate Average (SORA) on Tuesday. The country is adopting SORA as it moves away from the SGD Swap offer rate, which uses the London interbank offered rate (LIBOR) in computation.

The move is part of a broader push as policymakers around the world develop new benchmarks to replace LIBOR by the end of 2021, after trading informing the rate dried up and European and U.S. banks were found to have manipulated it for their own gain.

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