Canadian Bank of Commerce (TSE:CM) has released an update.
Canadian Imperial Bank of Commerce has announced the issuance and sale of $500 million in 6.950% Fixed Rate Reset Limited Recourse Capital Notes Series 5 to a group of underwriters, including major financial institutions like CIBC World Markets and J.P. Morgan Securities. These notes, categorized as Non-Viability Contingent Capital, are part of the bank’s strategy to strengthen its capital position under the U.S. Securities Act. This move reflects CIBC’s ongoing efforts to enhance its financial stability and offer attractive investment options.
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