CIBC has completed its issue $200 million of preferred shares, the bank said Friday.

The offering consisted of 8 million non-cumulative Rate Reset Class A Preferred Shares, Series 37, priced at $25 per Series 37 Share.

The offering was made through a syndicate of underwriters led by CIBC World Markets Inc. The Series 37 Shares commence trading on the Toronto Stock Exchange today under the ticker symbol CM.PR.M.

The Series 37 Shares will yield 6.50% per year, payable quarterly, for an initial period ending July 31, 2014. On July 31, 2014 and on July 31 every five years thereafter, the dividend rate will reset to be equal to the then current five-year Government of Canada bond yield plus 4.33%.

IE