Expansion into Europe marks continued evolution of successful
CDR platform
TORONTO, Jan. 27,
2025 /CNW/ - Today CIBC announced the expansion of
its Canadian Depositary Receipts ("CDRs") platform with the
addition of five new "European CDRs", to be listed on Cboe Canada
and available for trading on January 31,
2025, subject to final approval by the
Exchange.
Introduced to investors over three years ago, CIBC will now have
a total of 70 CDRs listed in Canada.
CIBC's first European CDRs are based on well-known German
companies, with more planned for the future. Five new CDRs are
listed below with the Cboe Canada ticker symbols:
- Allianz CDR (CAD Hedged) – ALZ
- BMW CDR (CAD Hedged) – BMW
- Mercedes-Benz CDR (CAD Hedged) – BENZ
- SAP CDR (CAD Hedged) – SAPS
- Siemens CDR (CAD Hedged) – SMNS
"Since inception, our industry-leading Canadian Depositary
Receipts have helped investors gain exposure to global companies
while managing currency risk, " said Christian Exshaw, Deputy Head, Capital Markets
at CIBC. "CIBC's expansion into the European market is a first step
in rapid global expansion furthering accessibility for retail
investors, while continuing our innovative, market-based solutions
that address investor demand."
CDRs make it easy to invest in many of the world's largest
companies – in Canadian dollars. Offered at a fraction of the price
per share of the underlying reference share, and with a built-in
notional currency hedge, CDRs provide investors with affordable
access to globally-listed stocks while mitigating the currency risk
associated with global investing.
To bring European CDRs to market, CIBC partnered with CIBC
Mellon to leverage their global operational capabilities and
custody asset servicing expertise, and with Cboe Canada to list the
inaugural CDRs, based on the exchange's continuous commitment to
innovation.
These five will add to the existing global lineup of CDRs which
are available for trading in Canada.
The Prospectus Supplement for these latest Series of CDRs has
been filed on SEDAR+ at www.sedarplus.ca. For more information
about CDRs, please visit https://cdr.cibc.com.
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, 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
www.cibc.com/ca/media-centre.
SOURCE CIBC
