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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Canadian Imperial Bank of Commerce | TSX:CM | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.62 | 0.93% | 67.24 | 67.13 | 67.32 | 67.32 | 66.68 | 66.84 | 3,971,887 | 21:14:58 |
TORONTO, Jan. 29, 2024 /CNW/ - CIBC (TSX: CM) (NYSE: CM) – CIBC Asset Management Inc. (CAM) today announced that three new target maturity bond mutual funds known as CIBC 2025 Investment Grade Bond Fund, CIBC 2026 Investment Grade Bond Fund, and CIBC 2027 Investment Grade Bond Fund (the "Funds") are now available for purchases.
Each CIBC Investment Grade Bond Fund provides a diversified portfolio of Canadian-dollar denominated investment grade corporate and government bonds with an effective maturity in the calendar year stipulated in their name.
The Funds will prioritize the inclusion of bonds that are trading at a discount to their maturity value to seek to provide greater tax efficiency.
Investors will benefit from:
"This is the first time in decades that a considerable amount of bonds within the Canadian bond market are trading at a discount to par. We are extremely pleased to provide investors with a new investment solution that offers the preciseness of investing in individual bonds with the diversification benefits of a mutual fund" said David Scandiffio, President and Chief Executive Officer, CIBC Asset Management.
A copy of the simplified prospectus of the Funds is available at https://www.renaissanceinvestments.ca/reporting-governance/prospectus
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.
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 and Direct Financial Services businesses, 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 www.cibc.com/ca/media-centre.
CIBC Asset Management Inc. (CAM), the asset management subsidiary of CIBC, provides a range of high-quality investment management services and solutions to retail and institutional investors. CAM's offerings include: a comprehensive platform of mutual funds, strategic managed portfolio solutions, discretionary investment management services for high-net-worth individuals, and institutional portfolio management. CAM is one of Canada's largest asset management firms, with over $170 billion in assets under administration as of December 2023.
SOURCE CIBC
Copyright 2024 Canada NewsWire
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