TSX:CMBanks
Does New Long-Dated Hybrid Debt Shift CIBC's Capital Strength Narrative (TSX:CM)?
Earlier this month, Canadian Imperial Bank of Commerce completed and announced several fixed income financings, including US$500 million of 6.750% Limited Recourse Capital Notes due 2087 and related Class A Preferred Shares, alongside new senior and subordinated bond issues across U.S. dollar and euro markets.
Together, these transactions reshape CIBC’s funding and capital mix by adding long-dated subordinated instruments and preferred equity, which can support regulatory capital strength...