CM.PR.B to be Redeemed!

CIBC has announced that CM.PR.B (Non-cumulative Class A
Preferred Shares Series 24) will be redeemed at $26.00 on January 31, 2007. [Note: the link is to a cgi script. If not accessible, try here.]

 Not a surprise, really … perpetuals paying $1.50 are an endangered species, but the idea that they might have saved $0.25 p.a. on the redemption price (due to a declining call price) added a little piquancy to the speculation.

 What will be interesting is the resolution of the question: will they replace them with a new issue?

Update, 2007-5-10: For some odd reason this post has become the target of spambots. I am therefore disabling comments on this post.

7 Responses to “CM.PR.B to be Redeemed!”

  1. […] Well, it didn’t take long for CIBC to replace the capital lost via the redemption of CM.PR.B! They announced a new issue (with a headline announcing a redemption!) that will close on November 15. […]

  2. […] Perhaps this is people cashing out of the called issue to buy the new one? […]

  3. […] Another repeater! At least this won’t be around much longer. […]

  4. […] Has been called for redemption. […]

  5. […] Basically a money market instrument, since it is being called Jan. 31. […]

  6. […] This has been called for redemption. […]