CIBC Adds Full Wrap Liquidity to its ABCP-Issuing Conduits
Effective June 14, 2023, the liquidity support for each of the Canadian Imperial Bank of Commerce (CIBC) sponsored conduits, SAFE Trust, SOUND Trust, STABLE Trust, and SURE Trust (each a Conduit, together, the Conduits), was amended, changing from a Global Liquidity Standard (GLS) to full wrap liquidity. At CIBC’s request, DBRS Morningstar will continue to assess each proposed new transaction prior to the Conduit entering into it and monitor each transaction, as long as the Conduit remains a party to it. DBRS Morningstar will continue to confirm and disclose the rating of each series of notes at the rating level of the weakest link within the Conduit.
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Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.
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