Well, yet another bank leaps into action with a new 4.5% perpetual!<\/p>\n
This is actually rather nice, having so many issues that are so similar (SunLife<\/a>, Scotia<\/a>, Royal<\/a> and BMO<\/a>) … I forsee many happy hours in the years ahead, swapping between them in a low-risk dividend-capture strategy.<\/p>\n Anyway … CIBC is issuing 10-million of these shares (up to another 2-million may be issued) for an issue size of $250-million (up to $300-million). The provisional rating from DBRS<\/a> is Pfd-1(low); the S&P<\/a> provisional is P-1(Low).<\/p>\n The anticipated closing date is February 14, 2007<\/p>\n Update & Bump<\/strong> : Let’s look at a few comparables …<\/p>\n Well, yet another bank leaps into action with a new 4.5% perpetual! This is actually rather nice, having so many issues that are so similar (SunLife, Scotia, Royal and BMO) … I forsee many happy …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-540","post","type-post","status-publish","format-standard","hentry","category-new-issues"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/540","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=540"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/540\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
\n CIBC 4.5% Perp Ser 32 Redemption Schedule<\/td>\n<\/tr>\n \n From<\/td>\n To<\/td>\n Strike<\/td>\n<\/tr>\n \n 2012-04-30<\/td>\n 2013-04-29<\/td>\n $26.00<\/td>\n<\/tr>\n \n 2013-04-30<\/td>\n 2014-04-29<\/td>\n $25.75<\/td>\n<\/tr>\n \n 2014-04-30<\/td>\n 2015-04-29<\/td>\n $25.50<\/td>\n<\/tr>\n \n 2015-04-30<\/td>\n 2016-04-29<\/td>\n $25.25<\/td>\n<\/tr>\n \n 2016-04-30<\/td>\n INFINITE DATE<\/td>\n $25.00<\/td>\n<\/tr>\n<\/table>\n<\/div>\n \n
\n Curve Prices (and other info) on CM.PR.? and comparables<\/td>\n<\/tr>\n \n Data<\/td>\n CM.PR.?<\/td>\n CM.PR.I<\/td>\n CM.PR.H<\/td>\n RY.PR.D<\/td>\n<\/tr>\n \n Price due to base-rate<\/td>\n 23.83<\/td>\n 24.54<\/td>\n 24.79<\/td>\n 23.96<\/td>\n<\/tr>\n \n Price due to short-term<\/td>\n 0.11<\/td>\n 0.11<\/td>\n 0.11<\/td>\n 0.11<\/td>\n<\/tr>\n \n Price due to long-term<\/td>\n 0.33<\/td>\n 0.34<\/td>\n 0.34<\/td>\n 0.34<\/td>\n<\/tr>\n \n Price due to Liquidity<\/td>\n 1.00<\/td>\n 1.03<\/td>\n 0.23<\/td>\n 1.04<\/td>\n<\/tr>\n \n Price due to error<\/td>\n 0.03<\/td>\n 0.03<\/td>\n 0.02<\/td>\n -0.02<\/td>\n<\/tr>\n \n Price due to Credit Spread (Low)<\/td>\n -0.71<\/td>\n -0.73<\/td>\n -0.71<\/td>\n NA<\/td>\n<\/tr>\n \n Curve Price<\/td>\n $24.60<\/td>\n $24.77<\/td>\n $25.44<\/td>\n \u00a0$25.43<\/td>\n<\/tr>\n \n Quote 2\/1<\/td>\n Issue
\n$25.00<\/td>\n25.39-44<\/td>\n 25.76-99<\/td>\n 25.00-09<\/td>\n<\/tr>\n \n Annual Dividend<\/td>\n $1.125<\/td>\n $1.175<\/td>\n $1.20<\/td>\n $1.125<\/td>\n<\/tr>\n \n After-Tax YTW<\/td>\n 3.58%<\/td>\n 3.59%<\/td>\n 3.45%<\/td>\n 3.61%<\/td>\n<\/tr>\n \n Pre-Tax YTW<\/td>\n 4.50%<\/td>\n 4.52%<\/td>\n 4.34%<\/td>\n 4.55%<\/td>\n<\/tr>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"