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CARR welcomes issuance of first compounded in arrears CORRA floating rate note

The Canadian Alternative Reference Rate working group (CARR) welcomes the Royal Bank of Canada’s issuance of the first floating rate note referencing CORRA compounded-in-arrears. This $500 million 1-year note marks a significant development in Canada’s transition to the widespread use of CORRA.

The CARR co-chairs issued the following statement about the announcement:

“CARR anticipates that CORRA will eventually become the key interest rate benchmark in Canadian derivatives and bond markets. The issuance of a floating bond referencing CORRA marks a major step towards this outcome.”

CARR is a group of financial sector firms and public sector institutions working to ensure Canada’s interest rate benchmark regime is robust, relevant and effective in the years ahead. CARR was established under the auspices of the Canadian Fixed Income Forum.

For further information, please contact:

Market inquiries:

Senior Director
Financial Markets Department
Bank of Canada

Managing Director and Vice Chair
CIBC Capital Markets

Media inquiries:

Bank of Canada