CORRA

CORRADaily

Also shown on CORRA rate today

Series id

corra

Latest value

2.30%

As of October 1, 2026History since August 12, 1997

Source: Bank of Canada.

Maintained by Sphera Credit

History

Source: Bank of Canada.

How this series is built

Definition

CORRA "measures the cost of overnight general collateral funding in Canadian dollars using Government of Canada treasury bills and bonds as collateral for repurchase transactions". The Bank of Canada calls it Canada's risk-free rate.

Source

Bank of Canada, Valet series AVG.INTWO ("Canadian Overnight Repo Rate Average (CORRA) (%)"). The Bank administers CORRA and calculates it from transaction-level repo data submitted to the Canadian Investment Regulatory Organization (CIRO).

Calculation

Published as is by the source. Sphera Credit does not transform the values. The Bank computes CORRA as the trimmed volume-weighted median of eligible overnight repo trades: it orders the trades from the lowest rate to the highest, removes the 25 percent of volume with the lowest rates, and takes the volume-weighted median rate of the rest. The rate has two decimal places. If the trimmed volume is below a minimum threshold (the greater of $3 billion or 30 percent of the 5-day moving average of published trimmed volumes), or the Bank cannot calculate the rate, CORRA is set to a fallback rate: the target for the overnight rate plus the mean spread between CORRA and that target over the previous five business days.

Publication and dating

Published by the Bank of Canada every business day between 9:00 and 11:00 ET, normally around 9:00 ET, for the previous business day. Each value is dated by its value date, the day the repo trades took place.

Caveats

  • The current methodology applies from the value date June 12, 2020, the Bank's first publication of CORRA (made June 15, 2020, when it took over calculation and publication from Refinitiv Benchmark Services). Earlier values were calculated under the previous methodology and carry up to four decimal places.
  • The Bank identifies on its website the days when the published rate is the fallback rate. This series does not flag them.

Use this data

Use with your AI assistant

Connect Sphera Credit Data to your assistant once. It can then chart and analyze these series, and every value it quotes carries its source and date. The catalogue is open. Pulling a history asks you to sign in with your work email, and access is free.

Copy the prompt below and paste it into your AI assistant. The assistant adds the Sphera Credit Data connector for you, or walks you through the steps when it cannot.

Prompt for your AI assistant

Add the Sphera Credit Data MCP server to this assistant, so you can answer my questions with Canadian rate data from the Bank of Canada.

Server name: Sphera Credit Data
Server URL: https://data.spheracredit.com/mcp
Type: remote MCP server over HTTP with OAuth sign-in. It needs no API key.

More information about the tools, the data series and Sphera Credit is on this page:
https://www.spheracredit.com/en/resources/data/mcp
Browse it first, so you understand what Sphera Credit is and how this server helps me. If you cannot browse the web, continue without it.

I came from the page of the series CORRA (series id: corra). Once you are connected, start with this series.

Then follow these steps:
1. If you can add MCP servers yourself, add this one now. Tell me what you change.
   - Claude Code: claude mcp add --transport http sphera-data https://data.spheracredit.com/mcp
   - Codex: codex mcp add sphera-data --url https://data.spheracredit.com/mcp
   - Any other tool: use your own way to add a remote HTTP MCP server with the URL above.
2. If you cannot add it yourself, tell me how to add it in this app, one numbered step at a time, with the exact URL above. If you are not sure of the steps for this app, use the steps on the page above. Do not guess a different URL.
3. The first time you pull a rate history, a sign-in page opens. I sign in myself on that page. Do not enter my details or the emailed code for me.
4. When it is connected, call list_series to check that it works. Then tell me in two or three sentences what you can now do for me. Always give the source and the date of each value you quote.

Then ask: “Chart corra since 2024 and explain how it is calculated.”

MCP server documentation

Download or connect in Excel

Each series is a CSV file with a date column and a value column. In Excel, choose Data, then From Web, and paste the link. Refresh updates it to the latest values.

For information only. These are market reference rates. Each lender sets its own loan rates.