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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.

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