三个月期新元掉期利率 回到正数对购屋者不利

（2011-08-20）

● 《早报》龚慧婷 报道

　　由于新元下跌，三个月期的新元掉期利率(Swap Offer Rate，简称SOR)昨天终于回弹到正数的领域。但对房地产买家来说，这可能不是一个好消息。

　　在8月10日，三个月期的SOR史无前例地滑落到负数领域，在星期四(8月11日)更是进一步下跌到负0.699点的历史低点。过后的七个工作日，三个月期的SOR都在负数领域徘徊。

　　SOR即新元掉期利率，是指以美元为主的借贷率，利用外汇兑换成新元。这就包括银行的融资成本。

　　因此，资金大量流入，新元又估计兑美元将升值，就促使SOR在上周掉入了历史新低点。

　　昨天新元兑美元下跌，1美元兑1.212新元，SOR因此也大幅回弹，三个月期的SOR报0.154点，终于回到了正数的领域。

　　对于已申请房贷或打算为房地产再融资的买家，一般都会希望SOR越低越好。

　　本地其中一类浮动利率的房屋贷款配套，就是与SOR挂钩，即三个月期的SOR加上利差(spread)。

　　例如：澳盛银行(ANZ)就提供了三个月期的SOR＋0.95%的优惠再融资房贷配套。0.95%就是所谓的银行利差。

　　由于SOR从8月10日开始，已跌入了负数的领域，澳盛银行就将SOR定在0.1%的水平，最低贷款额是30万元。　　

    多数现有的贷款合约上也已列明，一旦出现剧烈波动，导致SOR跌到零以下的水平(出现负数)，银行就会将SOR定为零或由银行较早前决定的水平。

SOR越低房贷越少

　　对已签订这类浮动利率房屋贷款的私宅买家来说，SOR越低，意味他们需要支付的房贷越少。

　　例如，以澳盛的例子，当SOR掉到零时，房地产买家在那个月份，只需要支付相等于贷款额0.95%的房贷。尽管如此，不少银行已纷纷表示，由于SOR的波动大，银行已停止发放与它挂钩的新房屋贷款配套。

　　渣打银行表示,早从2008年开始，就已不再发放与SOR挂钩的房贷配套。

　　渣打银行新加坡和东南亚有抵押贷款部门主管李建发指出，据银行那时观察，同比之下，新加坡银行同业拆息率(SIBOR)的波动没有SOR那么大，因此，考虑到2008年的市场情况，并希望减少SOR波动对客户每月贷款的冲击，渣打银行不再发放与SOR挂钩的新房贷。

　　星展银行表示，SOR配套只占银行抵押贷款的很小份额，从2007年开始，这类贷款就与完全透明的指数，例如：SIBOR挂钩。　　

　　大华银行表示，从8月1日开始，大华银行已终止发放与SOR挂钩的新贷款配套，改而聚焦于波动没有那么巨大、与SIBOR挂钩的配套。

　　SIBOR是银行同业之间的借贷率。它主要受到美国利率和国内贷款需求的影响。

　　但随着美国不久前宣布，会在两年内(至少到2013年年中)，将利率维持不变(在0至0.25厘)的水平。一般相信，只要美国不调高利率，新加坡的利率也会维持在低水平。　昨天，同样普遍被使用为房贷浮动利率指标的三个月期SIBOR，报0.346点，维持在星期四的水平。

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What the Negative Swap Rate Means For You

In a surprising development, the Singapore dollar Swap Offer Rate (SOR) turned negative for the first time on August 10th due to inflows into the Singapore dollar. In this article we’ll explore what the SOR is, why it turned negative, and what impact that has on the banks, borrowers and depositors.

What is SOR?

SOR is the effective cost of borrowing SGD synthetically through borrowing USD for 3 months and swapping out the USD in return for SGD for the same maturity. The other commonly used benchmark is SIBOR (Singapore Interbank Offered Rate), which is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the Singapore wholesale money market (or interbank market).

The Association of Banks in Singapore is the fixing authority for both rates. Some of the differences between the two:

1. SIBOR is determined by the demand and supply of funds in the Singapore interbank market, whereas SOR is more influenced by external factors such as USD interest and exchange rates.

2. SOR tends to be more volatile because exchange rates and USD money market rates are more volatile.

Why did it turn negative?

Singapore has been attracting large inflows of  U.S. dollars from investors looking for a refuge from the turmoil in the global markets. It also reflects market expectations of the exchange rate.

In its April statement, the central bank MAS had effectively signaled its intention to allow the Singapore dollar to appreciate against a basket of currencies by re-centering the currency’s band upwards, thus exacerbating inflows from investors looking for a strong currency.

What is the impact for borrowers and depositors?

The negative SOR rate complicates the MAS’ efforts to clamp down on inflation. It may cause the MAS to rethink its policy on allowing the Singapore dollar to appreciate quickly to curb inflation – so far this year it has gained 6.5 percent versus the U.S. dollar. But the expectation of a rapid appreciation will attract even more inflows from investors looking for a safe-haven currency in AAA-rated Singapore.

With exports under pressure, there are also some arguing that the pace of appreciation should be slowed down. For banks, the low interest rates have been hurting them by compressing their already low margins. As SOR has strayed into negative territory while interbank rates have stayed positive, some argue that it has started to lose its usefulness as a benchmark for pricing various loans such as mortgages. Some banks have now started to abandon SOR as a peg and switched to SIBOR or board rates. Some banks have also invoked “market disruption clauses” in their loan agreements to reset or use another benchmark for their loans.