CM.PR.J : Not as Bad as Expected

The new issue from CIBC commenced trading today and on heavy volume of 807,580 shares closed at $24.87-88, 30×100.

CIBC announced that

Following the successful sale of the initially announced
10 million Series 32 Shares, the underwriters exercised an option to purchase
an additional 2 million shares.

The securityCode for this issue is A42019, replacing the preIssue code of P25005. A reorgDataEntry has been input to reflect the change.

curvePrice calculations for it and the comparables previously examined are:

Curve Prices (and other info) on CM.PR.J and comparables
Data CM.PR.J CM.PR.I CM.PR.H RY.PR.D
Price due to base-rate 23.05 23.72 23.95 23.17
Price due to short-term -0.47 -0.48 -0.50 -0.48
Price due to long-term 1.23 1.26 1.30 1.25
Price due to Liquidity 1.43 1.48 1.49 1.48
Price due to error 0.04 0.04 0.04 -0.02
Price due to Credit Spread (Low) -0.54 -0.55 -0.56 NA
Curve Price $24.75 $25.46 $25.72 $25.40
Quote 2/14 $24.87-88 25.50-52 25.86-98 25.01-08
Annual Dividend $1.125 $1.175 $1.20 $1.125
After-Tax YTW 3.61% 3.56% 3.42% 3.62%
Pre-Tax YTW 4.54% 4.48% 4.30% 4.56%

Note that due to recalculation of the yield curve, the values for the components of the curve price are not directly comparable to the components previously reported; but, of course, each reported calculation is internally consistent.

This issue has been added to the PerpetualDiscount index – the current composition of this index has been uploaded.

7 Responses to “CM.PR.J : Not as Bad as Expected”

  1. […] Recent new issue. Now with a pre-tax bid-YTW of 4.53% based on a bid of $24.90 and a limitMaturity. […]

  2. […] Recent new issue. Now with a pre-tax bid-YTW of 4.53% based on a bid of $24.94 and a limitMaturity […]

  3. […] Recent new issue. Now with a pre-tax bid-YTW of 4.53% based on a bid of $24.91 and a limitMaturity. […]

  4. […] The affected issues are: CM.PR.A / CM.PR.C / CM.PR.D / CM.PR.E / CM.PR.G / CM.PR.H / CM.PR.I / CM.PR.J / CM.PR.P / CM.PR.R. […]

  5. […] Recent new issue on credit watch positive. Now with a pre-tax bid-YTW of 4.54% based on a bid of $24.93 and a limitMaturity. […]

  6. […] Recent New Issue. Now with a pre-tax bid-YTW of 4.53% based on a bid of $24.90 and a limitMaturity. […]

  7. […] Recent new issue. Now with a pre-tax bid-YTW of 4.53% based on a bid of $24.96 and a limitMaturity. […]

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