PrefBlog

Canadian Imperial Bank of Commerce has announced:

the dividend rates applicable to its Non-cumulative Rate Reset Class A Preferred Shares Series 43 (Non-Viability Contingent Capital (NVCC)) (the “Series 43 Shares”) and Non-cumulative Floating Rate Class A Preferred Shares Series 44 (Non-Viability Contingent Capital (NVCC)) (the “Series 44 Shares”).

The fixed dividend rate applicable to the Series 43 Shares, should any remain outstanding after July 31, 2020, for the five-year period from and including July 31, 2020 to but excluding July 31, 2025 is 3.143%, payable quarterly as and when declared by the Board of Directors of CIBC.

The floating dividend rate applicable to the Series 44 Shares, should any be issued, for the three-month period from and including July 31, 2020 to but excluding October 31, 2020 is 3.003%, payable for the period as defined as and when declared by the Board of Directors of CIBC. CIBC has designated the Series 44 Shares as eligible to participate in the CIBC Shareholder Investment Plan.

Beneficial owners of Series 43 Shares who wish to exercise their conversion right should instruct their broker or other nominee to exercise such right during the conversion period, which runs from July 1, 2020 until 5:00 p.m. (Eastern Daylight Time) on July 16, 2020. Any notices received after this deadline will not be valid.

CM.PR.Q is a FixedReset, 3.60%+279, that commenced trading 2015-3-11 after being announced 2015-2-26. The issue is tracked by HIMIPref™ and is assigned to the FixedResets (Discount) subindex.

This entry was posted on Tuesday, June 30th, 2020 at 10:44 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.