CM.PR.O Firm On Immense Volume

The Canadian Imperial Bank of Commerce has announced:

that it has completed the offering of 16 million non-cumulative Rate Reset Class A Preferred Shares Series 39 (the “Series 39 Shares”) priced at $25.00 per share to raise gross proceeds of $400 million.

The offering was made through a syndicate of underwriters led by CIBC World Markets Inc. The Series 39 Shares commence trading on the Toronto Stock Exchange today under the ticker symbol CM.PR.O.

The Series 39 Shares were issued under a prospectus supplement dated June 2, 2014, to CIBC’s short form base shelf prospectus dated March 11, 2014.

CM.PR.O is a FixedReset, 3.90%+232, announced June 2. The issue will be tracked by HIMIPref™ and is assigned to the FixedReset subindex.

The issue has had its DBRS rating confirmed at Pfd-2 [Stable].

CM.PR.O traded 1,912,169 shares today (consolidated exchanges) in a range of 24.95-02 before closing at 25.01-02, 128×258. Vital statistics are:

Maturity Type : Limit Maturity
Maturity Date : 2044-06-11
Maturity Price : 23.16
Evaluated at bid price : 25.01
Bid-YTW : 3.81 %

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