CARR welcomes issuance of first compounded in arrears CORRA floating rate note
Notice - Tuesday, February 9, 2021, 09:30 (ET)
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.”