Latest news with #Contingent
Malaysian Reserve
6 days ago
- Business
- Malaysian Reserve
CIBC to Issue 7.000% NVCC AT1 Limited Recourse Capital Notes
TORONTO, July 9, 2025 /CNW/ – CIBC (TSX: CM) (NYSE: CM) today announced the public offering in the United States of US$750 million of 7.000% Fixed Rate Reset Limited Recourse Capital Notes Series 7 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) (the 'LRCNs'). The LRCNs will bear interest at a rate of 7.000% annually, payable quarterly, for the initial period ending on, but excluding, October 28, 2030. Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing 5-year U.S. Treasury Rate plus 3.000%. The LRCNs will mature on October 28, 2085. The expected closing date of the offering is July 14, 2025. In connection with the issuance of the LRCNs, CIBC will issue Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 62 (Non-Viability Contingent Capital (NVCC)) (the 'Series 62 Shares') to be held by Computershare Trust Company of Canada as trustee of CIBC LRCN Limited Recourse Trust (the 'Limited Recourse Trust'). In case of non-payment of interest on or principal of the LRCNs when due, the recourse of each LRCN holder will be limited to that holder's proportionate share of the Limited Recourse Trust's assets held in respect of the LRCNs, which will consist of Series 62 Shares except in limited circumstances. CIBC may redeem the LRCNs on October 28, 2030 and on each January 28, April 28, July 28 and October 28 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. The net proceeds to CIBC from the sale of the LRCNs will be used for general corporate purposes, which may include the redemption of outstanding capital securities of CIBC, and/or the repayment of other outstanding liabilities of CIBC. The joint book-running managers for the offering are CIBC World Markets Corp., Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC. A registration statement relating to the offering has been filed with the U.S. Securities and Exchange Commission (the 'SEC') and is effective. The offering is being made only by means of a prospectus supplement and a base prospectus. Copies of the prospectus supplement and the base prospectus for the offering may be obtained free of charge by visiting EDGAR on the SEC's website at Alternatively, the prospectus supplement and accompanying base prospectus may be obtained by calling CIBC World Markets Corp. toll-free at (800) 282-0822; Barclays Capital Inc. toll-free at (888) 603-5847; BofA Securities, Inc. toll-free at (800) 294-1322; Citigroup Global Markets Inc. toll-free at (800) 831-9146; or J.P. Morgan Securities LLC collect at (212) 834-4533. This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor will there be any offer, solicitation or sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About CIBC CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at
Cision Canada
6 days ago
- Business
- Cision Canada
CIBC to Issue 7.000% NVCC AT1 Limited Recourse Capital Notes
TORONTO, July 9, 2025 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced the public offering in the United States of US$750 million of 7.000% Fixed Rate Reset Limited Recourse Capital Notes Series 7 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) (the "LRCNs"). The LRCNs will bear interest at a rate of 7.000% annually, payable quarterly, for the initial period ending on, but excluding, October 28, 2030. Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing 5-year U.S. Treasury Rate plus 3.000%. The LRCNs will mature on October 28, 2085. The expected closing date of the offering is July 14, 2025. In connection with the issuance of the LRCNs, CIBC will issue Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 62 (Non-Viability Contingent Capital (NVCC)) (the "Series 62 Shares") to be held by Computershare Trust Company of Canada as trustee of CIBC LRCN Limited Recourse Trust (the "Limited Recourse Trust"). In case of non-payment of interest on or principal of the LRCNs when due, the recourse of each LRCN holder will be limited to that holder's proportionate share of the Limited Recourse Trust's assets held in respect of the LRCNs, which will consist of Series 62 Shares except in limited circumstances. CIBC may redeem the LRCNs on October 28, 2030 and on each January 28, April 28, July 28 and October 28 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. The net proceeds to CIBC from the sale of the LRCNs will be used for general corporate purposes, which may include the redemption of outstanding capital securities of CIBC, and/or the repayment of other outstanding liabilities of CIBC. The joint book-running managers for the offering are CIBC World Markets Corp., Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC. A registration statement relating to the offering has been filed with the U.S. Securities and Exchange Commission (the "SEC") and is effective. The offering is being made only by means of a prospectus supplement and a base prospectus. Copies of the prospectus supplement and the base prospectus for the offering may be obtained free of charge by visiting EDGAR on the SEC's website at Alternatively, the prospectus supplement and accompanying base prospectus may be obtained by calling CIBC World Markets Corp. toll-free at (800) 282-0822; Barclays Capital Inc. toll-free at (888) 603-5847; BofA Securities, Inc. toll-free at (800) 294-1322; Citigroup Global Markets Inc. toll-free at (800) 831-9146; or J.P. Morgan Securities LLC collect at (212) 834-4533. This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor will there be any offer, solicitation or sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About CIBC CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at
The Herald Scotland
06-07-2025
- Sport
- The Herald Scotland
Bright Thunder oozes class in Deauville romp
It was a victory that was a welcome tonic for the Spigot Lodge team after near misses both earlier on the Deauville card with Spycatcher and in the German Derby with Contingent and there could plenty more to look forward to with the daughter of Night Of Thunder after her commanding performance in the hands of Sam James. James told Sky Sports Racing: 'She jumped really well, if not too well and I wanted to get a bit of cover. Emphatic! British raider Bright Thunder makes it look easy in the Listed Prix Goldikova for @samjock22 and @karl_burke… — At The Races (@AtTheRaces) July 6, 2025 'However, once I got behind Christophe (Soumillon on Rubies From Burma) on the lead horse she settled away grand and I thought we were going quite slow so I was quite happy to let her find herself and keep coming. 'She doesn't find an awful lot off the bridle but to be fair to her today she's really quickened up and put the race to bed. 'A Group Three wouldn't be out of the question for her and the faster they go in these races the more it suits her. She seems to like coming over here so maybe she can come over again. 'You can sometimes get racing a long way out on a straight mile, but today it all went to plan and she obviously likes coming over and Karl does as well when he brings horses over here.'
Powys County Times
06-07-2025
- Sport
- Powys County Times
Bright Thunder oozes class in Deauville romp
Bright Thunder enjoyed visiting France once again, as she blazed her way to victory in the Prix Goldikova. Karl Burke's four-year-old was a Listed winner at Chantilly last summer and after going close on home soil at Goodwood and Epsom earlier this season, gained some valuable compensation on the continent. It was a victory that was a welcome tonic for the Spigot Lodge team after near misses both earlier on the Deauville card with Spycatcher and in the German Derby with Contingent and there could plenty more to look forward to with the daughter of Night Of Thunder after her commanding performance in the hands of Sam James. James told Sky Sports Racing: 'She jumped really well, if not too well and I wanted to get a bit of cover. Emphatic! British raider Bright Thunder makes it look easy in the Listed Prix Goldikova for @samjock22 and @karl_burke … — At The Races (@AtTheRaces) July 6, 2025 'However, once I got behind Christophe (Soumillon on Rubies From Burma) on the lead horse she settled away grand and I thought we were going quite slow so I was quite happy to let her find herself and keep coming. 'She doesn't find an awful lot off the bridle but to be fair to her today she's really quickened up and put the race to bed. 'A Group Three wouldn't be out of the question for her and the faster they go in these races the more it suits her. She seems to like coming over here so maybe she can come over again. 'You can sometimes get racing a long way out on a straight mile, but today it all went to plan and she obviously likes coming over and Karl does as well when he brings horses over here.'
Cision Canada
30-04-2025
- Business
- Cision Canada
Desjardins Announces Redemption of CDN $1,000 million 2.856% Notes due 2030 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness)
LÉVIS, QC, April 30, 2025 /CNW/ - Desjardins Group, North America's largest financial cooperative group, today announced its intention to redeem in whole its outstanding CDN $1,000 million 2.856% Notes due 2030 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) at 100% of their principal amount plus accrued interest to, but excluding, the redemption date. The redemption will occur on May 26, 2025. Formal notice has been delivered to the holders of notes in accordance with the terms and conditions set forth in the related trust indenture. The redemption has received all necessary approvals and will be financed out of the general funds of Desjardins Group. This redemption is part of Desjardins Group's ongoing management of its Tier 2 capital. About Desjardins Group Desjardins Group is the largest cooperative financial group in North America and the sixth largest in the world, with assets of $470.9 billion as at December 31, 2024. With more than 55,200 skilled employees, it has been named one of Canada's Best Employers by Forbes magazine and by Mediacorp. To meet the diverse needs of its members and clients, Desjardins offers a full range of products and services to individuals and businesses through its extensive distribution network, its online platforms, and its subsidiaries across Canada. Ranked among the world's strongest banks according to The Banker magazine, Desjardins has one of the highest capital ratios and one of the highest credit ratings in the industry. In 2025, Desjardins Group is celebrating its 125th anniversary, marking more than a century of focusing its ambitions and expertise on being there for members and clients. Caution concerning forward-looking statements Desjardins Group's public communications from time to time forward-looking statements, within the meaning of applicable securities legislation, particularly in Québec, Canada and the United States. Forward-looking statements are found in this press release and may also be incorporated in other filings with Canadian regulators or in any other communications. The forward-looking statements in this press release include, but are not limited to, statements regarding the redemption of the 2.856% Notes due 2030 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness), including the timing thereof. By their very nature, such statements require us to make assumptions, and are subject to uncertainties and inherent risks, both general and specific. Desjardins Group cautions readers against placing undue reliance on forward-looking statements when making decisions since a number of factors, many of which are beyond Desjardins Group's control and the effects of which can be difficult to predict, could influence, individually or collectively, the accuracy of the assumptions, predictions, forecasts or other forward-looking statements, including those in this press release. Although Desjardins Group believes that the expectations expressed in these forward-looking statements are reasonable and founded on valid bases, it cannot guarantee that these expectations will materialize or prove to be accurate. It is also possible that these assumptions, predictions, or other forward-looking statements may not materialize or may prove to be inaccurate, and that future actual results, conditions, actions or events differ materially from expectations or intentions that have been explicitly or implicitly put forward. Readers who rely on these forward-looking statements must carefully consider these risk factors and other uncertainties and potential events, including the uncertainty inherent in forward-looking statements. The factors that may affect the accuracy of the forward-looking statements in this press release include those discussed in Section 4.0, "Risk management," of Desjardins Group's 2024 annual MD&A. Any forward-looking statements contained in this press release represent the views of management only as at the date hereof. Desjardins Group does not undertake to update any forward-looking statements that could be made from time to time by or on behalf of Desjardins Group, except as required under applicable securities legislation.
