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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 904,692,428
Close 2022-09-02 C$ 61.67
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FP/wire say CIBC finds companies keen on bank credits

2022-09-02 07:00 ET - In the News

The Financial Post reports in its Friday edition that finance chiefs of some of Canada's largest banks are assessing how long strong demand for loans can continue even as the country's economy shows signs of losing momentum. A Bloomberg dispatch to the Post says that companies' use of credit facilities has helped to finance their postpandemic investments while shielding them from the highest rates in 13 years in the bond market. That in turn has been a fresh source of business for lenders at a time when other desks, including capital markets, run at the slowest pace in several years. "There was a period there of the debt capital market being a little bit less accessible," CIBC chief financial officer Hratch Panossian told Bloomberg. "So we did see large corporates utilize their bank credits more. That seems to be turning with the debt capital market being more available going forward." The yield investors demand to hold investment-grade corporate bonds has more than doubled so far this year, reaching 5.14 per cent on June 14, the highest since 2009. Issuance of widely marketed non-financial corporate debt in domestic and international bond markets is running at $40.5-billion, the lowest level since 2016.

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