CIBC将发行5.898% NVCC AT 1有限追索权资本票据

2025-09-23 05:18

CIBC (NYSE:CM) has announced a domestic public offering of $450 million of 5.898% limited recourse capital notes ((LRCNs)). The LRCNs will be sold to certain institutional investors through a dealer syndicate led by CIBC capital markets.
The LRCNs will be issued at a price of $1,000 per note and will bear interest at a rate of 5.898% annually, payable semi-annually, for the initial period ending on, but excluding, January 28, 2031.
Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing 5-year Government of Canada Yield plus 3.113%. The LRCNs will mature on January 28, 2086. The expected closing date of the offering is September 29, 2025.
CIBC may redeem the LRCNs during the period from December 28 to and including January 28, commencing on December 28, 2030 and every five years 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.
Source: Press Release

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