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ARTICLE · 13 AUGUST 2024

RIP CDOR 1986-2024: A Recap Of CDOR's Final Days

McMillan LLP
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On June 28, 2024, the Canadian Dollar Offered Rate ("CDOR") was published for the last time, marking the end of CDOR. The transition away from CDOR to the Canadian Overnight...

CanadaFinance and Banking
Shahen Mirakian
Shahen Mirakian
Maria Sagan
Maria Sagan
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On June 28, 2024, the Canadian Dollar Offered Rate ("CDOR") was published for the last time, marking the end of CDOR. The transition away from CDOR to the Canadian Overnight Repo Rate Average ("CORRA") was accomplished in an orderly fashion, on a tight timeline.

In this bulletin we review the last days of CDOR and confirm that the market has adopted CORRA as the Canadian dollar risk-free rate benchmark, and more specifically, both Term CORRA and Daily Compounded CORRA.

1. CDOR Ceased Being Published on June 28, 2024

As first announced on May 16, 20221, CDOR was published for the last time on June 28, 2024. The Canadian Alternative Reference Rate Working Group ("CARR") concluded that the cessation date went smoothly and that the transition itself was successful.2

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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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