CIBC

Source: www.forbes.com --- 8 days ago
Cerberus takes the risk but not the paper from Canadian bank's mortgage portfolio. ...

Source: www.moreover.com --- 7 days ago
Breast Cancer Survivors and their families, friends and supporters will be gathering in Castlegar this weekend, for the . The event takes place in over 55 sites across Canada, and Castlegar will be home to the only run in the Kootenays. ...

Source: www.moreover.com --- 6 days ago
TORONTO, Oct. 5 /CNW/ - Still thriving and in its 17th year, the Canadian Breast Cancer Foundation CIBC Run for the Cure raised $28.5 million today. ...

Source: www.moreover.com --- 6 days ago
TORONTO, Oct. 5 /CNW/ - Still thriving in its 17th year, the Canadian Breast Cancer Foundation CIBC Run for the Cure in Toronto attracted an estimated 30,000 participants who walked, ran and raised funds to support breast cancer research, education ...

Source: www.moreover.com --- 26 days ago
Sign up for the Canadian Breast Cancer Foundation CIBC Run for the Cure TORONTO, Sept. 15 /CNW/ - In communities large and small across Canada this week, CIBC employees are getting their pink on to show their passion for creating a future without breast ...

Source: www.marketwatch.com --- 9 days ago
NEW YORK (MarketWatch) -- The Canadian Imperial Bank of Commerce said Friday it was reducing its remaining exposure to the U.S. residential real estate market by selling a US$1.05 billion investment in such assets to a fund arranged by Cerberus Capital Management, L.P. in a cash deal. CIBC said the U.S. real estate reference portfolio had been valued at US$1.186 billion as of June 30 but was down to US$1.075 billion by July 31. The portfolio consists of U.S. residential mortgage-backed securities and collateralized debt obligations derived from those securities, CIBC said. Under the transaction, CIBC will retain ownership of the assets and will also keep all financial guarantor insurance contracts and related rights associated with the portfolio, it said. "This transaction sets a floor under CIBC's exposure to the U.S. residential mortgage market," CIBC President and CEO Gerry McCaughey said. ...

Source: www.financialpost.com --- 8 days ago
Canadian Imperial Bank of Commerce has turned to a U.S. vulture fund to protect the capital base of the country's sixth-largest bank with an infusion of $1.05-billion to help the institution get through the credit crisis. ...

Source: www.cbc.ca --- 8 days ago
CIBC took a big step toward ending U.S. real estate writedowns Friday by getting Cerberus Capital to invest $1 billion in the Canadian bank's residential mortgage business. ...

Source: www.reportonbusiness.com --- 8 days ago
Move signals a growing willingness among investors to gamble on distressed securities ...

Source: money.canoe.ca --- 9 days ago
TORONTO - Canadian Imperial Bank of Commerce (TSX:CM) is shoring up its balance sheet with a US$1.05-billion deal for American private equity firm Cerberus Capital Management LP to invest in the bank's U.S. residential structured credit portfolio. ...

Source: www.ft.com --- 7 days ago
The move is the latest in a series of halting attempts by investment firms to hunt for bargains in bombed-out sectors of the credit markets ...

Source: www.reportonbusiness.com --- 31 days ago
Economist now has his eye on oil at $115 a barrel, and the TSX ending the year at 13,000 ...

Source: www.flyertalk.com --- 31 days ago
Hi, I'm about to book several hotels and car rentals in US$, should I use my Amex Aeroplan gold or CIBC Aerogold Infinite?? thanks for your help! ...

Source: www.post-gazette.com --- 8 days ago
TORONTO -- Canadian Imperial Bank of Commerce announced today that it was reducing its exposure to the U.S. residential mortgage market by selling part of its structured credit portfolio to Cerberus Capital Management LP in a $1.05 billion deal. ...

Source: www.ctv.ca --- 6 days ago
Pink was the colour of the day as over ten thousand volunteers ran through downtown Vancouver Sunday in the CIBC Run for the Cure on Sunday. ...

Source: seekingalpha.com --- 10 days ago
FP Trading Desk submits: The credit crunch that is wreaking havoc on the global banking industry made the financial services sector the worst place to do M&A. But a flurry of deals in the past few weeks has quickly made it the busiest. In its quarterly tally of merger and acquisition activity, mergermarket said: Complete Story » ...

Source: seekingalpha.com --- 7 days ago
FP Trading Desk submits: Cerberus Capital Management’s $1.05-billion investment in CIBC’s residential real estate portfolio comes in exchange for a capped return of approximately 20%. It appears that CIBC will retain any upside if the assets rise in value above that level. Collateral supporting the notes Cerberus will receive include most of CIBC’s U.S. subprime residential mortgage-backed securities and collateralized debt obligation investments, which have a notional value estimated at C$6-billion and a current fair value of C$1.136-billion, according to Blackmont Capital analyst Brad Smith. Complete Story » ...

Source: network.nationalpost.com --- 10 days ago
The credit crunch that is wreaking havoc on the global banking industry made the financial services sector the worst place to do M&A. But a flurry of deals in the past few weeks has quickly made it the busiest. "Wall Street will now no longer be associated with its big investment banking residents, rather, it will be known for its 'superbanks,' mergermarket said in its quarterly tally of merger and acquisition activity. "All five of the Streets' top investment banks have either been absorbed, or converted into 'deposit hunting' commercial banks." Bank of America’s takeover of Merrill Lynch gives the combined firms US$765-billion in total deals, putting it at the top of mergermarket’s rankings in both value and volume. Citigroup’s takeover of Wachovia will produce some improvements, while Barclays is set to become a leading deal-maker as a result of its purchase of Lehman Brothers’ U.S. investment banking business, the research firm said. Meanwhile, the adoption of a new business model by Goldman Sachs and Morgan Stanley is expected to threaten their long-standing dominance. Firms like Deutsche Bank have already overtaken them in European and Asian M&A. In Canada, RBC Capital Markets took top spot in deal value at more than US$42-billion, while CIBC World Markets ranked first in volume with 32 deals. RBC also moved up from 91st place in 2007 to 13th after the first three quarters in 2008 among financial advisors to U.S. buyouts, a ...

Source: network.nationalpost.com --- 8 days ago
Cerberus Capital Management’s $1.05-billion investment in CIBC’s residential real estate portfolio comes in exchange for a capped return of approximately 20%. It appears that CIBC will retain any upside if the assets rise in value above that level. Collateral supporting the notes Cerberus will receive include most of CIBC’s U.S. subprime residential mortgage-backed securities and collateralized debt obligation investments, which have a notional value estimated at $6-billion and a current fair value of $1.136-billion, according to Blackmont Capital analyst Brad Smith. “The announced transaction with Cerberus effectively provides a second layer of fully funded insurance against further losses on the remaining subprime-related asset exposure,” he told clients. Potential related future losses are reduced by $1.70 per share, while the 20% return should cut CIBC’s future earnings by 30¢ per share annually until the notes are repaid, the analyst added. RBC Capital Markets analyst Andre-Philippe Hardy agreed that the negative EPS impact would be around 30¢ in the first year, but said this should fall as the notes get amortized. While both analysts viewed the deal as positive, they noted that areas of risk remain for CIBC. These include $2.9-billion in fair value of hedges with financial guarantors, $22.2-billion in structured finance exposures mostly linked to corporate debt and collateralized loan obligations, and another $2.2-billion i ...