Canadian Bank of Commerce (TSE:CM) has released an update.
CIBC has launched a public offering of $500 million 6.987% Limited Recourse Capital Notes Series 4, maturing in 2084 and offering semi-annual interest payments. The offering, led by CIBC Capital Markets, features an interest rate reset every five years based on the 5-year Government of Canada Yield plus 3.70%. Funds raised will support CIBC’s general corporate activities, potentially including the redemption of outstanding capital securities or repayment of other liabilities.
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