Canadian Bank of Commerce (TSE:CM) has released an update.
The Canadian Bank of Commerce (CIBC) has launched a public offering of $1 billion in 4.90% Non-Viability Contingent Capital (NVCC) Subordinated Debentures maturing on June 12, 2034. These debentures offer a fixed interest rate until 2029, after which the rate will be adjusted quarterly based on the Daily Compounded CORRA plus a margin. CIBC intends to use the proceeds for general corporate purposes, with the option to redeem the debentures starting in 2029.
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