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ARTICLE · 27 OCTOBER 2023

CDOR Transition Impact On Loan Agreements (Video)

Osler, Hoskin & Harcourt LLP
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A presentation by partners Joyce Bernasek and Lisa Mantello with associate Jasmyn Lee focuses on recent developments relating to the CDOR (Canadian Dollar Offered Rate) transition.

CanadaFinance and Banking
Joyce Bernasek
Joyce Bernasek
Lisa Mantello
Lisa Mantello
Jasmyn Lee
Jasmyn Lee
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A presentation by partners Joyce Bernasek and Lisa Mantello with associate Jasmyn Lee focuses on recent developments relating to the CDOR (Canadian Dollar Offered Rate) transition. CDOR will be replaced by CORRA (Canadian Overnight Rep Rate Average) on June 28, 2024.

In September of this year, Term CORRA was introduced which provides a term rate for borrowing purposes. Specific use cases for Term CORRA have been provided which are generally for business loan purposes, but also for some derivatives used for the purpose of hedging business loans. Loan agreements will soon need to be amended to include either Term CORRA or daily compounded overnight CORRA. Effective November 1, entering into any new CDOR or Banker's Acceptance loans will not be possible.

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