CM.PR.Q Soft on Good Volume

Canadian Imperial Bank of Commerce has announced:

that it has completed the offering of 12 million Basel III-compliant Non-cumulative Rate Reset Class A Preferred Shares Series 43 (the “Series 43 Shares”) priced at $25.00 per share to raise gross proceeds of $300 million.

The offering was made through a syndicate of underwriters led by CIBC World Markets Inc. The Series 43 Shares commence trading on the Toronto Stock Exchange today under the ticker symbol CM.PR.Q.

The Series 43 Shares were issued under a prospectus supplement dated February 27, 2015, to CIBC’s short form base shelf prospectus dated March 11, 2014.

CM.PR.Q is a FixedReset, 3.60%+279, announced February 26. The issue will be tracked by HIMIPref™ and has been assigned to the FixedResets subindex.

CM.PR.Q traded 1,150,500 shares today (consolidated exchanges) in a range of 24.80-89 before closing at 24.80-81. Vital statistics are:

Maturity Type : Limit Maturity
Maturity Date : 2045-03-11
Maturity Price : 23.07
Evaluated at bid price : 24.80
Bid-YTW : 3.60 %

Leave a Reply

You must be logged in to post a comment.