Important notices
There are no important notices at this time.
December 13, 2023
Customer Care Team – Holiday closures
Please note during the holiday season the Customer Care Team will be closed on December 25th, 26th and January 1st, and will have limited support from 9am to 5pm ET on December 27th through to December 29th. We will resume regular business hours on January 2nd, 2024. Wishing you a happy holiday season.
November 27, 2023
Customer Care Team – reduced hours of operations
Please note that on Tuesday November 28th and Wednesday November 29th the Customer Care Team will have reduced hours of operation from 9am to 5pm ET. Please leave us a voice message or email us at support@edc.ca and an associate will be in touch within the next business day. For urgent requests, please call us during our stated hours of operation.
October 27, 2023
CDOR transition
This notice is intended to provide information on the CDOR transition, possible impacts on Export Development Canada (EDC) products you might have and other material market developments related to this change.
The Canadian Dollar Offered Rate benchmark (“CDOR”) is a daily benchmark reference rate for Bankers Acceptance ("BA”) borrowings. It’s calculated from a survey of bid-side rates provided by 6 principal market-makers, including major Canadian banks.
Refinitiv Benchmark Services (UK) Limited (“RBSL”) is the administrator of CDOR. CDOR is an interest rate benchmark subject to the UK Benchmark Regulation (“BMR”).
On May 16, 2022, following the resolution of the RBSL Board and the subsequent authorization granted by the Ontario Securities Commission and the Autorité des marchés financiers, RBSL announced that the calculation and publication of all tenors of CDOR will permanently cease immediately following a final publication on Friday June 28, 2024.
Regulators have mandated the financial services industry to transition away from CDOR to alternative reference rates (ARR) or risk-free rates (RFR).
RFRs are overnight rates based on actual transactions and are perceived to be more representative and reliable, whereas CDOR are quoted term rates which are predominately based on expert judgment.
Canadian Overnight Repo Rate Average (CORRA) will be the replacement rate for CDOR and is administered by the Bank of Canada.
In addition to CORRA, The Canadian Alternative Reference Rate (CARR) working group worked with the Canadian industry to establish a new rate called Term CORRA which will offer specific products (loans and floating rate notes) the ability to use a set in advance short-term rate (1 month and 3 months). The Term CORRA is administered by TMX Datalinx and CanDeal Innovations Inc.
CARR created the Term CORRA to be compliant with international benchmark standards but warn that certain dependencies underpinning Term CORRA mean its long-term sustainability is not guaranteed. Agreements that contain references to Term CORRA therefore must contain fallback language referencing CORRA (calculated in arrears).
To ensure this transition is as smooth as possible for our customers, EDC has launched a corporate-wide initiative to support the transition from CDOR to RFRs. Our conversion plan includes working directly with you to help you understand the new rate and interest calculations, as well as amending any impacted loan documentation to accommodate your specific needs.
If you have an EDC product priced with CDOR rates, our team will reach out to work with you directly through this transition.
While we can’t provide general advice or overall guidance on the CDOR transition, we’re committed to supporting you through this transition and any impacts it may have on your EDC products. We do not intend the CDOR transition to have a meaningful impact on the overall interest payable under the loan and the change won’t entail reassessing the credit quality of loans. It’s simply a conversion from one rate to another, consistent with changes in the market.
The CDOR transition is driving fundamental change across the financial services industry. The market will continue to evolve during this transition, and as EDC begins to amend our loans, we will do our utmost to keep you informed of material market developments. You can find key updates here or reach out to your EDC relationship manager with any questions.
June 2, 2023
Customer Care Team – reduced hours of operations
The Customer Care Team is available to service you by phone at 1-800-229-0575 and email at support@edc.ca, Monday to Thursday from 8am to 8pm ET and 8am to 5pm ET on Fridays.
May 31 and June 1, 2023
Customer Care Team – reduced hours of operations
Please note that on Wednesday May 31st and Thursday June 1st the Customer Care team will be offline for training purposes and will only be addressing urgent inquiries during those two days. Please leave us a voice message or email us at support@edc.ca if you have an urgent request, and an associate will get back to you.
May 17-18, 2023
Customer Care Team – reduced hours of operations
Please note that on Wednesday May 17th and Thursday May 18th the Customer Care Team will have reduced hours of operation as employees will be attending our annual EDC employee conference. On Wednesday May 17th our hours will be from 8 a.m. to 10:30 a.m. ET and 4 p.m. to 8 p.m. ET. On Thursday May 18th our hours will be from 8 a.m. to 2 p.m. ET and 4 p.m. to 8 p.m. ET. Please leave us a voice message or email us at support@edc.ca and an associate will be in touch within the next business day. For urgent requests, please call us during our stated hours of operation.
March 13 2023
EDC’s message for clients on Silicon Valley Bank
Following the news regarding Silicon Valley Bank, we are working closely with our partners and clients affected to understand the impact on their business and needs to better support them.
If you would like to speak to us, please contact your account director or call 1-800-229-0575.
May 31 2022
Customer Care Team - reduced hours of operations
The Customer Care Team is available to service you by phone at 1-866-716-7201 and email at support@edc.ca, Monday to Thursday from 8am to 8pm ET and 8am to 5pm ET on Fridays.
May 16 2022
Customer Care Team - reduced hours of operations
Please note that on Tuesday May 17 to Thursday May 19th inclusively the Customer Care Team will have reduced hours of operation from 8am to 11am ET and 4pm to 8pm ET. Please leave us a voice message or email us at support@edc.ca and an associate will be in touch within the next business day. For urgent requests, please call us during our stated hours of operation.
April 18 2022
Technology service disruption
Please note that our 1-800-229-0575 phone number option #2 and our 1-866-716-7201 are currently unavailable due to a technology service disruption. We apologize for this inconvenience and are working quickly to fix this. If you are a customer or require immediate assistance please contact the EDC Customer Care Team by email at support@edc.ca.
August 11, 2021
Credit Card Payment Outage
Our Customer Care team is currently experiencing issues processing credit card payments due to a technology service disruption. We apologize for this inconvenience and are working to fix the situation as quickly as possible. Thank you for your patience.
June 17, 2021
LIBOR transition
This notice is intended to provide information on the LIBOR transition, possible impacts on Export Development Canada (EDC) products you might have and other material market developments related to this change.
LIBOR stands for London Interbank Offer Rate and is the most widely used and well-known floating interest rate benchmark. It’s calculated based on submissions from individual panel banks. LIBOR is published in British pound sterling (GBP), U.S. dollar (USD), euro (EUR), Swiss franc (CHF) and Japanese yen (JPY). LIBOR is published in seven settings: Overnight, one week, one, two, three, six and 12 months.
Its administrator, ICE Benchmark Administration (IBA), publishes LIBOR rates every London business day.
LIBOR is used across the global economy for calculating interest rates and valuations on derivatives, bonds, commercial loans and consumer lending products.
On March 5, 2021, the U.K. Financial Conduct Authority (FCA) announced the end of LIBOR. The FCA has confirmed that all LIBOR settings will either cease to be provided by any administrator or no longer be representative:
- Immediately after Dec. 31, 2021, in the case of all sterling, euro, Swiss franc and Japanese yen settings, and the one-week and two-month U.S. dollar settings; and
- Immediately after June 30, 2023, in the case of the remaining U.S. dollar settings.
Regulators have mandated the financial services industry to transition away from LIBOR to alternative reference rates (ARR) or risk-free rates (RFR).
RFRs are overnight rates based on actual transactions and are perceived to be more representative and reliable, whereas LIBOR are quoted term rates that rely on expert judgment.
Working groups across the globe have conducted extensive analysis to identify, adopt and publish alternative reference rates (ARRs) as a replacement for LIBOR.
| Prior benchmark | LIBOR setting | Cessation date | Alternative risk-free rates | Administrator |
|---|---|---|---|---|
| GBP LIBOR | All settings | Dec. 31, 2021 | Reformed Sterling Overnight Index Average (SONIA) | Bank of England |
| EURO LIBOR | All settings | Dec. 31, 2021 | Euro short-term rate (ESTR) (*EUR LIBOR only ending, EURIBOR hasn’t announced cessation date) |
European Central Bank |
| CHF LIBOR | All settings | Dec. 31, 2021 | Swiss Average Rate Overnight (SARON) | SIX Swiss Exchange |
| JPY LIBOR | All settings | Dec. 31, 2021 | Tokyo Overnight Average Rate (TONA) | Bank of Japan |
| USD LIBOR | 1-week, 2-month | Dec. 31, 2021 | Secured Overnight Financing Rate (SOFR) | Federal Reserve Bank of NY |
| All other settings | June 30, 2023 |
To ensure this transition is as smooth as possible for our customers, EDC has launched a corporate-wide initiative to support the transition from LIBOR to RFRs. Our conversion plan includes working directly with you to help you understand the new rate and interest calculations, as well as amending any impacted loan documentation to accommodate your specific needs.
If you have an EDC product priced with LIBOR rates, our team will reach out to work with you directly through this transition.
While we can’t provide general advice or overall guidance on the LIBOR transition, we’re committed to supporting you through this transition and any impacts it may have on your EDC products. We do not intend the LIBOR transition to have a meaningful impact on the overall interest payable under the loan and the change won’t entail reassessing the credit quality of loans. It’s simply a conversion from one rate to another, consistent with changes in the market.
The LIBOR transition is driving fundamental change across the financial services industry. The market will continue to evolve during this transition, and as EDC begins to amend our loans, we will do our utmost to keep you informed of material market developments. You can find key updates here or reach out to your EDC relationship manager with any questions.