TORONTO, July 5, 2024
/CNW/ - CIBC (TSX: CM) (NYSE: CM) – To further strengthen and build
on the success of the CIBC Investment Grade Bond Funds (2025, 2026
and 2027) launched on January 29,
2024, CIBC Asset Management Inc. (CAM) today
announced that it plans to grow the target maturity bond fund
offering to its clients by launching six new CIBC Investment Grade
Bond Funds.
Fund
name
|
Series
|
Fund
code
|
CIBC 2028 Investment
Grade Bond Fund
|
Series A
Series F
|
ATL7012
ATL7013
|
CIBC 2029 Investment
Grade Bond Fund
|
Series A
Series F
|
ATL7016
ATL7017
|
CIBC 2030 Investment
Grade Bond Fund
|
Series A
Series F
|
ATL7020
ATL7021
|
CIBC 2025 U.S.
Investment Grade Bond Fund
|
Series A
Series F
|
ATL7024
ATL7025
|
CIBC 2026 U.S.
Investment Grade Bond Fund
|
Series A
Series F
|
ATL7028
ATL7029
|
CIBC 2027 U.S.
Investment Grade Bond Fund
|
Series A
Series F
|
ATL7032
ATL7033
|
It is also expected that ETF Series of these funds will be
launched on or about July 16,
2024.
Each CIBC 2028 Investment Grade Bond Fund, CIBC 2029 Investment
Grade Bond Fund and CIBC 2030 Investment Grade Bond Fund provides a
diversified portfolio of Canadian-dollar denominated investment
grade corporate and/or government bonds with an effective maturity
in the same calendar year.
Each CIBC 2025 U.S. Investment Grade Bond Fund, CIBC 2026 U.S.
Investment Grade Bond Fund and CIBC 2027 U.S. Investment Grade Bond
Fund provides investors with a diversified portfolio of U.S. dollar
denominated investment grade corporate and/or government bonds with
an effective maturity in the same calendar year.
Investors will benefit from:
- Defined maturity dates – Similar to individual bonds,
each CIBC Investment Grade Bond Fund has a defined maturity date at
which time the Fund will terminate and the Fund's net assets will
be distributed to investors.
- Simplicity – With the CIBC Investment Grade Bond Funds,
investors can build customized portfolios tailored to specific time
frames and investment goals; similar to that of individual bonds or
GICs, while managing interest rate risk.
- Cash flow management - Income is distributed monthly
with the option of receiving a consistent cash flow or reinvesting
the proceed in additional units of the Fund, an option not
available with individual bonds.
- Scale and expertise – The CIBC Investment Grade Bond
Funds are actively managed with the deep investment and credit
expertise of CIBC Asset Management's Fixed Income team.
"Building on the success of our initial launch of the CIBC
Investment Grade Bond Funds in January
2024, which have grown to over $1.3
billion in assets under management, we are incredibly
excited to expand our lineup of target maturity funds. These
solutions are designed to help investors reach their shorter-term
savings goals with simplicity," 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
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 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 https://www.cibc.com/en/about-cibc/media-centre.html.
About CIBC Asset Management
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 $227 billion in assets under
administration as of March 2024.
SOURCE CIBC