Hongkong Land continues to grow Sustainable Financing with S$910 Million Sustainability-linked SORA-based loans signed in Singapore
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HONG KONG, June 29, 2021 /PRNewswire/ Hongkong Land has continued to drive sustainable financing with the signing in June of S$910 million (US$688 million) of sustainability-linked loans. Including these transactions, Hongkong Land has executed sustainability-linked loans amounting to US$1.9 billion with lenders in Hong Kong, Singapore and Thailand in the last 12 months.
The transactions are five-year revolving credit facilities signed bilaterally with DBS, MUFG, OCBC Bank, SMBC, and UOB which reference the Singapore Overnight Rate Average (SORA).
Hongkong Land will be eligible to receive a tiered discount on the interest rate of the loans if it achieves agreed ESG targets. hese targets include demonstrating continuous improvements in greenhouse gas emissions, electricity consumption, food waste, and solar en
SINGAPORE (THE BUSINESS TIMES) - DBS announced on Monday (May 10) that it has issued more than $450 million in Singapore Overnight Rate Average (Sora)-pegged loans as at end-April 2021, just over six months after the bank launched the market s first Sora-pegged business property loan.
The strong traction for loans which reference the Sora comes after Singapore s ceasing of the issuance of new loan products referencing the Swap Offer Rate (SOR) at the end of last month.
Sora-pegged loans now account for about one-third of all new small and medium enterprise (SME) loans in Singapore issued by DBS, which signals a positive sign for Singapore s transition towards Sora as its main interest rate benchmark, the bank said.
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