CIBC sells US$316m in US office loans at a discount [Wealth Professional (Canada)]
Canadian Imperial Bank of Commerce (CM)
Last canadian imperial bank of commerce earnings: 2/26 05:53 am
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cibc.com/en/about-cibc/investor-relations.html
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Source: Wealth Professional
Canadian Imperial Bank of Commerce (CIBC) has arranged to sell US$316m of US office loans at a discount, as reported by BNN Bloomberg The bank reached agreements with several buyers for loans supported by eight US offices located in cities like San Francisco, Seattle, Phoenix, and Austin. This information comes from a source familiar with the situation who wished to remain anonymous due to the confidential nature of the process. A CIBC spokesperson declined to comment on the transactions. The commercial property sector , particularly office buildings, has been under pressure due to higher interest rates affecting property valuations. According to real estate data analytics provider Green Street, office property prices dropped by 16 percent over the past year. Banks, including CIBC, have been looking to reduce their exposure to real estate. They see loan sales as a strategy to mitigate the growing pressures in their portfolios. These recent deals from CIBC suggest that inves
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Earnings
- 5/30/24 - Beat
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Sec Filings
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- 6/12/24 - Form 424B2
- 6/12/24 - Form 424B3
- CM's page on the SEC website