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 51 (Non-viability contingent capital (NVCC)) (Series 51 shares) (TSX: CM.PR.Y), for cash. The redemption will occur on July 31, 2024. The redemption price is $25.00 per Series 51 share.
The $0.321875 quarterly dividend announced on May 30, 2024 will be the final dividend on the Series 51 shares and will be paid on July 29, 2024, covering the period to July 31, 2024, to shareholders of record on June 28, 2024.
Holders of the Series 51 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.Y was issued as a FixedReset, 5.15%+362, NVCC, that commenced trading 2019-6-4 after being announced 2019-5-24. This redemption was foreshadowed by CM’s issuance of LRCNs “for general corporate purposes, which may include the redemption of outstanding capital securities of CIBC”, which was interpreted by the Street as meaning redemption of CM.PR.O and CM.PR.Y – although CM.PR.Y, with its Issue Reset Spread of +362bp, has long been considered a prime candidate for redemption. It is tracked by HIMIPref™ and has been assigned to the FixedReset (Discount) subindex.
Thanks to Assiduous Readers PS and IrateAR for bringing this to my attention!
TD has announced a redemption, not of its two pref issues (TD.PF.B and TD.PF.M) which are coming up for reset/redemption, but of subordinated debt:
https://td.mediaroom.com/2024-06-20-TD-Bank-Announces-Redemption-of-3-224-Medium-Term-Notes-Non-Viability-Contingent-Capital-NVCC-Subordinated-Indebtedness-and-Statement-of-Intent-Regarding-4-859-Medium-Term-Notes-NVCC-Subordinated-Indebtedness
I would imagine that TD will announce its intentions re the aforementioned prefs and day now…..