{"id":47517,"date":"2024-10-29T22:11:47","date_gmt":"2024-10-30T03:11:47","guid":{"rendered":"https:\/\/prefblog.com\/?p=47517"},"modified":"2024-10-29T22:11:47","modified_gmt":"2024-10-30T03:11:47","slug":"october-29-2024","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=47517","title":{"rendered":"October 29, 2024"},"content":{"rendered":"

CM announced an LRCN issue<\/a> today:<\/p>\n

CIBC (TSX: CM) (NYSE: CM) today announced the public offering in the United States of US$500 million of 6.950% Fixed Rate Reset Limited Recourse Capital Notes Series 5 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) (the “LRCNs”).<\/p>\n

The LRCNs will bear interest at a rate of 6.950% annually, payable quarterly, for the initial period ending on, but excluding, January 28, 2030. Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing 5-year U.S. Treasury Rate plus 2.833%. The LRCNs will mature on January 28, 2085. The expected closing date of the offering is November 5, 2024.<\/p>\n

In connection with the issuance of the LRCNs, CIBC will issue Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 59 (Non-Viability Contingent Capital (NVCC)) (the “Series 59 Shares”) to be held by Computershare Trust Company of Canada as trustee of CIBC LRCN Limited Recourse Trust (the “Limited Recourse Trust”). In case of non-payment of interest on or principal of the LRCNs when due, the recourse of each LRCN holder will be limited to that holder’s proportionate share of the Limited Recourse Trust’s assets held in respect of the LRCNs, which will consist of Series 59 Shares except in limited circumstances.<\/p>\n

CIBC may redeem the LRCNs on January 28, 2030 and on each January 28, April 28, July 28 and October 28 thereafter with the prior written approval of the Superintendent of Financial Institutions (Canada), in whole or in part on not less than 10 days’ nor more than 60 days’ prior notice.<\/p>\n

The net proceeds to CIBC from the sale of the LRCNs will be used for general corporate purposes, which may include the redemption of outstanding capital securities of CIBC, and\/or the repayment of other outstanding liabilities of CIBC.<\/p>\n

The joint book-running managers for the offering are CIBC World Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC.<\/p><\/blockquote>\n

Thanks to Assiduous Reader IrateAR<\/i> for bringing this to my attention<\/a>!<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2990 %<\/td>\n2,147.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2990 %<\/td>\n4,117.9<\/td>\n<\/tr>\n
Floater<\/td>\n8.87 %<\/td>\n9.35 %<\/td>\n35,686<\/td>\n10.05<\/td>\n4<\/td>\n0.2990 %<\/td>\n2,373.2<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0400 %<\/td>\n3,603.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.79 %<\/td>\n5.33 %<\/td>\n46,104<\/td>\n1.27<\/td>\n8<\/td>\n-0.0400 %<\/td>\n4,302.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0400 %<\/td>\n3,357.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.7831 %<\/td>\n2,851.6<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.04 %<\/td>\n6.13 %<\/td>\n51,603<\/td>\n13.68<\/td>\n31<\/td>\n-0.7831 %<\/td>\n3,109.5<\/td>\n<\/tr>\n
FixedReset Disc<\/td>\n5.53 %<\/td>\n7.01 %<\/td>\n112,939<\/td>\n12.49<\/td>\n58<\/td>\n-0.2705 %<\/td>\n2,658.8<\/td>\n<\/tr>\n
Insurance Straight<\/td>\n5.95 %<\/td>\n6.08 %<\/td>\n67,700<\/td>\n13.77<\/td>\n20<\/td>\n-1.8421 %<\/td>\n3,040.9<\/td>\n<\/tr>\n
FloatingReset<\/td>\n7.39 %<\/td>\n7.50 %<\/td>\n27,079<\/td>\n11.90<\/td>\n1<\/td>\n-0.7937 %<\/td>\n2,849.1<\/td>\n<\/tr>\n
FixedReset Prem<\/td>\n6.40 %<\/td>\n5.68 %<\/td>\n182,024<\/td>\n3.75<\/td>\n7<\/td>\n-0.0055 %<\/td>\n2,586.6<\/td>\n<\/tr>\n
FixedReset Bank Non<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2705 %<\/td>\n2,717.9<\/td>\n<\/tr>\n
FixedReset Ins Non<\/td>\n5.28 %<\/td>\n6.26 %<\/td>\n86,587<\/td>\n13.49<\/td>\n14<\/td>\n-1.0716 %<\/td>\n2,780.4<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\n-11.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 7.59 %<\/td>\n<\/tr>\n
BN.PF.F<\/td>\nFixedReset Disc<\/td>\n-7.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 19.01
\nEvaluated at bid price : 19.01
\nBid-YTW : 7.88 %<\/td>\n<\/tr>\n
GWO.PR.G<\/td>\nInsurance Straight<\/td>\n-6.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 20.35
\nEvaluated at bid price : 20.35
\nBid-YTW : 6.48 %<\/td>\n<\/tr>\n
BN.PF.C<\/td>\nPerpetual-Discount<\/td>\n-5.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 18.49
\nEvaluated at bid price : 18.49
\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n
IFC.PR.E<\/td>\nInsurance Straight<\/td>\n-4.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 21.24
\nEvaluated at bid price : 21.24
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n
POW.PR.D<\/td>\nPerpetual-Discount<\/td>\n-4.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 19.78
\nEvaluated at bid price : 19.78
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n
PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\n-3.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 21.56
\nEvaluated at bid price : 21.82
\nBid-YTW : 6.33 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-3.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 18.70
\nEvaluated at bid price : 18.70
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
CU.PR.H<\/td>\nPerpetual-Discount<\/td>\n-2.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 21.65
\nEvaluated at bid price : 21.90
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n-2.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 20.90
\nEvaluated at bid price : 20.90
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
SLF.PR.C<\/td>\nInsurance Straight<\/td>\n-2.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 19.85
\nEvaluated at bid price : 19.85
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
IFC.PR.I<\/td>\nInsurance Straight<\/td>\n-2.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 22.07
\nEvaluated at bid price : 22.40
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
GWO.PR.T<\/td>\nInsurance Straight<\/td>\n-2.39 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.25
\nBid-YTW : 6.14 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nInsurance Straight<\/td>\n-1.97 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 18.95
\nEvaluated at bid price : 18.95
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
ENB.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.88 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 22.72
\nEvaluated at bid price : 23.01
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
GWO.PR.P<\/td>\nInsurance Straight<\/td>\n-1.82 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 21.89
\nEvaluated at bid price : 22.13
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nInsurance Straight<\/td>\n-1.76 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 19.50
\nEvaluated at bid price : 19.50
\nBid-YTW : 5.86 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nInsurance Straight<\/td>\n-1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 20.16
\nEvaluated at bid price : 20.16
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
PWF.PR.Z<\/td>\nPerpetual-Discount<\/td>\n-1.65 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 20.90
\nEvaluated at bid price : 20.90
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n
GWO.PR.L<\/td>\nInsurance Straight<\/td>\n-1.62 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 22.79
\nEvaluated at bid price : 23.07
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
GWO.PR.Y<\/td>\nInsurance Straight<\/td>\n-1.61 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 18.89
\nEvaluated at bid price : 18.89
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset Ins Non<\/td>\n-1.49 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 18.52
\nEvaluated at bid price : 18.52
\nBid-YTW : 6.57 %<\/td>\n<\/tr>\n
BIP.PR.F<\/td>\nFixedReset Disc<\/td>\n-1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 22.06
\nEvaluated at bid price : 22.56
\nBid-YTW : 6.86 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n-1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetual-Discount<\/td>\n-1.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 22.72
\nEvaluated at bid price : 23.01
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
BN.PR.Z<\/td>\nFixedReset Disc<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 20.50
\nEvaluated at bid price : 20.50
\nBid-YTW : 7.49 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n-1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 20.46
\nEvaluated at bid price : 20.46
\nBid-YTW : 6.10 %<\/td>\n<\/tr>\n
BN.PF.D<\/td>\nPerpetual-Discount<\/td>\n-1.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 19.40
\nEvaluated at bid price : 19.40
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n
GWO.PR.M<\/td>\nInsurance Straight<\/td>\n-1.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 23.41
\nEvaluated at bid price : 23.70
\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n
POW.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 21.65
\nEvaluated at bid price : 21.90
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n
PWF.PR.H<\/td>\nPerpetual-Discount<\/td>\n-1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 23.04
\nEvaluated at bid price : 23.31
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n
CU.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 19.13
\nEvaluated at bid price : 19.13
\nBid-YTW : 5.99 %<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 23.72
\nEvaluated at bid price : 24.03
\nBid-YTW : 6.17 %<\/td>\n<\/tr>\n
GWO.PR.R<\/td>\nInsurance Straight<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 20.18
\nEvaluated at bid price : 20.18
\nBid-YTW : 6.03 %<\/td>\n<\/tr>\n
BIP.PR.E<\/td>\nFixedReset Disc<\/td>\n-1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 22.39
\nEvaluated at bid price : 23.00
\nBid-YTW : 6.82 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nInsurance Straight<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 21.55
\nEvaluated at bid price : 21.81
\nBid-YTW : 6.08 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset Disc<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 18.63
\nEvaluated at bid price : 18.63
\nBid-YTW : 7.64 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset Ins Non<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 15.69
\nEvaluated at bid price : 15.69
\nBid-YTW : 6.82 %<\/td>\n<\/tr>\n
BN.PR.X<\/td>\nFixedReset Disc<\/td>\n5.33 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 16.02
\nEvaluated at bid price : 16.02
\nBid-YTW : 7.64 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n18.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 19.70
\nEvaluated at bid price : 19.70
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset Disc<\/td>\n196,600<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 14.95
\nEvaluated at bid price : 14.95
\nBid-YTW : 7.43 %<\/td>\n<\/tr>\n
BMO.PR.W<\/td>\nFixedReset Disc<\/td>\n101,300<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2024-12-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.16
\nBid-YTW : 4.89 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset Ins Non<\/td>\n101,000<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 16.10
\nEvaluated at bid price : 16.10
\nBid-YTW : 6.82 %<\/td>\n<\/tr>\n
SLF.PR.E<\/td>\nInsurance Straight<\/td>\n54,300<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 5.61 %<\/td>\n<\/tr>\n
MFC.PR.N<\/td>\nFixedReset Ins Non<\/td>\n51,500<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 20.90
\nEvaluated at bid price : 20.90
\nBid-YTW : 6.45 %<\/td>\n<\/tr>\n
BMO.PR.E<\/td>\nFixedReset Prem<\/td>\n27,848<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2028-11-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.36
\nBid-YTW : 5.68 %<\/td>\n<\/tr>\n
There were 19 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset Ins Non<\/td>\nQuote: 18.00 – 20.90
\nSpot Rate : 2.9000
\nAverage : 1.8458<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 18.00
\nEvaluated at bid price : 18.00
\nBid-YTW : 7.59 %<\/td>\n<\/tr>\n

BN.PF.F<\/td>\nFixedReset Disc<\/td>\nQuote: 19.01 – 20.75
\nSpot Rate : 1.7400
\nAverage : 1.0193<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 19.01
\nEvaluated at bid price : 19.01
\nBid-YTW : 7.88 %<\/td>\n<\/tr>\n

GWO.PR.G<\/td>\nInsurance Straight<\/td>\nQuote: 20.35 – 22.07
\nSpot Rate : 1.7200
\nAverage : 1.0260<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 20.35
\nEvaluated at bid price : 20.35
\nBid-YTW : 6.48 %<\/td>\n<\/tr>\n

BN.PF.C<\/td>\nPerpetual-Discount<\/td>\nQuote: 18.49 – 19.52
\nSpot Rate : 1.0300
\nAverage : 0.5960<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 18.49
\nEvaluated at bid price : 18.49
\nBid-YTW : 6.65 %<\/td>\n<\/tr>\n

POW.PR.D<\/td>\nPerpetual-Discount<\/td>\nQuote: 19.78 – 20.90
\nSpot Rate : 1.1200
\nAverage : 0.7659<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 19.78
\nEvaluated at bid price : 19.78
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n

PWF.PR.R<\/td>\nPerpetual-Discount<\/td>\nQuote: 21.82 – 22.70
\nSpot Rate : 0.8800
\nAverage : 0.5381<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2054-10-29
\nMaturity Price : 21.56
\nEvaluated at bid price : 21.82
\nBid-YTW : 6.33 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

CM announced an LRCN issue today: CIBC (TSX: CM) (NYSE: CM) today announced the public offering in the United States of US$500 million of 6.950% Fixed Rate Reset Limited Recourse Capital Notes Series 5 (Non-Viability …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-47517","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47517","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=47517"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/47517\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}