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 43 (Non-viability contingent capital (NVCC)) (Series 43 shares) (TSX: CM.PR.Q), for cash. The redemption will occur on July 31, 2025. The redemption price is $25.00 per Series 43 share.
The $0.196438 quarterly dividend announced on May 29, 2025 will be the final dividend on the Series 43 shares and will be paid on July 28, 2025, covering the period to July 31, 2025, to shareholders of record on June 27, 2025.
Holders of the Series 43 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.Q is a FixedReset, 3.60%+279, that commenced trading 2015-3-11 after being announced 2015-2-26. It reset to 3.143% effective 2020-7-31; there was no conversion. The issue is tracked by HIMIPref™ and is assigned to the FixedResets (Discount) subindex.
Thanks to Assiduous Readers TP and niagara for bringing this to my attention!