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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
