CM.PR.T To Be Redeemed

Canadian Imperial Bank of Commerce has announced:

its intention to redeem all of its issued and outstanding Non-cumulative Rate Reset Class A Preferred Shares Series 49 (Non-viability contingent capital (NVCC)) (Series 49 shares) (TSX: CM.PR.T), for cash. The redemption will occur on April 30, 2024. The redemption price is $25.00 per Series 49 share.

The $0.325000 quarterly dividend announced on February 29, 2024 will be the final dividend on the Series 49 shares and will be paid on April 29, 2024, covering the period to April 30, 2024, to shareholders of record on March 28, 2024.

Holders of the Series 49 shares should contact the financial institution, broker or other intermediary through which they hold the shares to confirm how they will receive their redemption proceeds.

CM.PR.T was issued as a FixedReset, 5.20%+331, NVCC-compliant, that commenced trading 2019-1-22 after being announced 2019-1-14. It has been tracked by HIMIPref™ and is assigned to the FixedReset (discount) subindex.

Thanks to Assiduous Readers niagara and PS for bringing this to my attention!

4 Responses to “CM.PR.T To Be Redeemed”

  1. Nestor says:

    looks like Bank Prefs are disappearing more and more…

  2. jambr403 says:

    Wonder if the O’s (Series 39) will be redeemed – wont’ be sad if they are 🙂 Guess we just wait and see.

  3. Nestor says:

    no idea. some of the guys here follow things far closer. i’ve been noticing a lot of the bank prefs have been moving closer and closer to par every day.

    it has been a profitable few months with the prefs. can’t complain. though, i’m not holding tons of bank prefs. just enough to make it fun.

  4. richardo says:

    It looks like someone thinks the O’s will get redeemed. Given the pricing of other bank issues, they should trade more around $22 right now. The Y seems very likely as well.

    My speculative bets (purely based on price and absolutely no knowledge of inside baseball) are BMO.PR.S and F get redeemed as well as TD.PF.M and B.

    RY.PR.S? I guess it could go either way. Same with NA.PR.S. I’d guess RY.PR.Z gets extended.

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