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ARTICLE · 19 AUGUST 2022

Recommended Fallback Language Should Encourage A Smooth Transition From CDOR To CORRA (Webinar)

Osler, Hoskin & Harcourt LLP
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Following the Canadian Alternative Reference Rate (CARR) working group's release of recommended fallback language for credit agreements using the Canadian Dollar Offered Rate (CDOR) ...

CanadaFinance and Banking
Joyce Bernasek
Joyce Bernasek
Lisa Mantello
Lisa Mantello
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Following the Canadian Alternative Reference Rate (CARR) working group's release of recommended fallback language for credit agreements using the Canadian Dollar Offered Rate (CDOR) benchmark earlier this month, Osler hosted a follow-up webinar to review the announcement and its implications for lenders and borrowers. Financial Services partner Joyce Bernasek hosted the session, which also featured partner Lisa Mantello and associate Jasmyn Lee. Lisa and Jasmyn were both actively involved with CARR in drafting the fallback language and its accompanying white paper.

Back in May, Refinitiv announced that it would cease publication of CDOR in June 2024. The recommended fallback language creates a mechanism for replacing CDOR with the Canadian Overnight Repo Rate Average (CORRA), using a waterfall of two rates: Term CORRA, which is subject to ongoing consultations and unclear as to whether it will be available before June 2024, and Daily Compounded CORRA. Anticipating

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