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ARTICLE · 15 FEBRUARY 2021

New Changes To The CDOR Benchmark Are On The Horizon

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In addition to the latest updates regarding the revocation of the LIBOR reference rate, the market must prepare for yet another upcoming shift in the use of reference rates in the financial market.

CanadaFinance and Banking
Joyce Bernasek
Joyce Bernasek
Tearney Johnston-Jones
Tearney Johnston-Jones
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In addition to the latest updates regarding the revocation of the LIBOR reference rate (read the latest on LIBOR practices here), the market must prepare for yet another upcoming shift in the use of reference rates in the financial market. Refinitiv, the administrator of the Canadian Dollar Offered Rate (CDOR), announced on November 12, 2020, that it will abandon the application of the six- and 12-month CDOR tenors. As a result, six-month and 12-month CDOR tenors will cease to apply as a benchmark rate for bankers' acceptances (BAs) effective May 17, 2021.

Historically, CDOR has been used as an interest rate benchmark for BAs in Canadian dollar denominations — the six largest Canadian banks are surveyed to determine the daily average base rate at which banks are willing to make lending commitments, with an additional margin specific to each borrower. Based on these rates, banks determine the rate at which they will offer credit to corporate borrowers with credit

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