{"id":48498,"date":"2017-06-02T20:14:00","date_gmt":"2017-06-03T00:14:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=48498"},"modified":"2025-07-21T20:16:08","modified_gmt":"2025-07-22T00:16:08","slug":"cm-pr-r-firm-on-excellent-volume","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=48498","title":{"rendered":"CM.PR.R Firm On Excellent Volume"},"content":{"rendered":"

The Canadian Imperial Bank of Commerce has announced<\/a>:<\/p>\n

that it has completed the offering of 32 million Basel III-compliant Non-cumulative Rate Reset Class A Preferred Shares Series 45 (Non-Viability Contingent Capital (NVCC)) (the “Series 45 Shares”) priced at $25.00 per share to raise gross proceeds of $800 million. <\/p>\n

The offering was made through a syndicate of underwriters led by CIBC World Markets Inc. The Series 45 Shares commence trading on the Toronto Stock Exchange today under the ticker symbol CM.PR.R. <\/p>\n

The Series 45 Shares were issued under a prospectus supplement dated May 26, 2017, to CIBC’s short form base shelf prospectus dated March 16, 2016.<\/p>\n<\/blockquote>\n

CM.PR.R is a FixedReset, 4.40%+338, NVCC Compliant issue announced 2017-05-25<\/a>. It will be tracked by HIMIPref™ and has been added to the FixedResets subindex.<\/p>\n

The issue traded 2,454,817 shares today in a range of 24.96-07 before closing at 24.98-00. This volume places it eighteenth on the all-time (well, back until 1993-12-31, anyway) list, just behind TD.PR.H on 2004-4-6 and just ahead of BCE.PR.P on 2002-6-13. Vital statistics are:<\/p>\n

\n\n\n
CM.PR.R<\/td>\nFixedReset<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2047-06-02
\nMaturity Price : 23.14
\nEvaluated at bid price : 24.98
\nBid-YTW : 4.25 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

Implied Volatility analysis for FixedResets<\/a> continues to suggest the issue may be a little expensive:<\/p>\n

\"impvol_cm_170602\"<\/a>
Click for Big<\/i><\/div>\n

The theoretical price implied by the above calculation is 24.77.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Canadian Imperial Bank of Commerce has announced: that it has completed the offering of 32 million Basel III-compliant Non-cumulative Rate Reset Class A Preferred Shares Series 45 (Non-Viability Contingent Capital (NVCC)) (the “Series 45 …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-48498","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48498","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=48498"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48498\/revisions"}],"predecessor-version":[{"id":48499,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/48498\/revisions\/48499"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}