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ARTICLE · 11 JUNE 2024

Goodbye CDOR, Hello CORRA: CDOR's Final Month And CORRA Loan Trends

McMillan LLP
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Refinitiv Benchmark Services (UK) Limited, the administrator of the Canadian Dollar Offered Rate ("CDOR"), confirmed in April 2024 that CDOR will not be published after June 28, 2024. In addition, unlike for certain...

CanadaFinance and Banking
Shahen Mirakian
Shahen Mirakian
Maria Sagan
Maria Sagan
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Refinitiv Benchmark Services (UK) Limited, the administrator of the Canadian Dollar Offered Rate ("CDOR"), confirmed in April 2024 that CDOR will not be published after June 28, 2024.1 In addition, unlike for certain currencies and tenors of the London Interbank Offered Rate, synthetic CDOR will not be published.2 In this bulletin, we discuss certain issues with respect to transitioning loan documents from CDOR to the Canadian Overnight Repo Rate Average ("CORRA") and examine several trends with respect to CORRA.

1. Fallback Language and Transition Issues

Many loan agreements have already been amended to reference CORRA instead of CDOR, while others contain the Canadian Alternative Reference Rate working group's ("CARR") recommended fallback language. Those that include the fallback language will still need to be amended to incorporate CORRA borrowing mechanics – they will not automatically transition to CORRA. In addition, some loan agreements do not have

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The foregoing provides only an overview and does not constitute legal advice. Readers are cautioned against making any decisions based on this material alone. Rather, specific legal advice should be obtained.

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