Ah, that does look to be the case. I didn't know about that one.

    Signature
    (letrec BINDERS &rest BODY)
    
    Documentation
    Bind variables according to BINDERS then eval BODY.
    
    The value of the last form in BODY is returned.
    Each element of BINDERS is a list (SYMBOL VALUEFORM) that binds
    SYMBOL to the value of VALUEFORM.
    
    The main difference between this macro and let/let* is that
    all symbols are bound before any of the VALUEFORMs are evalled.