April 15, 2024 CARR to begin publishing data on the transition of CDOR based loans to CORRA To facilitate the monitoring of the transition away from CDOR based loans to CORRA and Term CORRA, CARR will publish a monthly report on the aggregated outstanding amount of CDOR loans that have not transitioned to other benchmarks, as well as the volume of new loans, including any transitioned loans, referencing CORRA and/or Term CORRA. Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group
November 30, 2023 CARR amends recommended fallback for CDOR NHA MBS, and publishes a guide for Canadian companies transitioning from CDOR In 2021, CARR published “Recommended fallback language for FRNs referencing CDOR” which recommended that CDOR-linked floating rate notes (FRNs), including floating rate NHA MBS, fall back from CDOR to a CORRA fallback rate (“Fallback Rate (CORRA)” as defined in the document). Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group
November 16, 2023 CARR publishes recommended conventions for Term CORRA swaps Today, the Canadian Alternative Reference Rate working group (CARR) published two recommended conventions for interest rate swaps referencing Term CORRA. Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group
August 29, 2023 CARR finalizes the allowed uses for Term CORRA Today, the Canadian Alternative Reference Rate working group (CARR) finalized its guidance on the allowable use cases for Term CORRA. Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group
August 10, 2023 Term CORRA to be launched on September 5, 2023 In January, CARR announced the development of a Term CORRA benchmark that was designed to be a robust benchmark that adheres to IOSCO’s Principles for Financial Benchmarks. Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group
August 2, 2023 CARR begins publishing CDOR transition related FAQs Today, the Canadian Alternative Reference Rate working group (CARR) begun publishing a set of frequently asked questions (FAQs) on its website to provide clarity on various aspects of the CDOR transition. Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group
July 27, 2023 CARR publishes its recommendations for transitioning loans from CDOR to CORRA and provides a “no new CDOR or BA loan” milestone Today, the Canadian Alternative Reference Rate working group (CARR) published a set of documents that will help support the transition of the Canadian loan market from the Canadian Dollar Offered Rate (CDOR) to the Canadian Overnight Repo Rate Average (CORRA). Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group
June 30, 2023 CARR releases its recommendations for legacy securities tied to CDOR Today, the Canadian Alternative Reference Rate working group (CARR) published its paper on legacy securities linked to CDOR (i.e. securities referencing CDOR that mature after CDOR’s cessation). Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group
June 9, 2023 CDOR Transition – Implications for transactions as stage 1 ends and stage 2 begins The first stage of CARR’s two-staged transition plan will be completed on June 30, 2023. Market participants are expected to have transitioned all new derivative (bilateral, cleared and exchange traded) and securities transactions to CORRA benchmarks, with limited exceptions, after June 30, 2023. Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group
April 25, 2023 Canadian derivatives market hits milestone in transition from CDOR to CORRA For two consecutive weeks, the majority of maturity-weighted notional volume in cleared Canadian dollar interest rate derivatives has been priced using CORRA instead of CDOR. Content Type(s): Press, Market notices Source(s): Canadian Alternative Reference Rate Working Group