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Conterra Networks Completes $580 Million Debt Capital Raise

Retrieved on:

Thursday, April 25, 2024

National Bank of Canada, APG, CFO, School, APG (pension fund), Partnership, SMBC, Growth, TD Securities, Senior, National bank, Export Development Canada, CIBC, Nomura, Telecommunications, White & Case, Latham & Watkins

CHARLOTTE, N.C., April 25, 2024 /PRNewswire/ -- Conterra Ultra Broadband Holdings, Inc. ("Conterra Networks", "Conterra" or "the Company"), a national leader in providing fiber-optic network-based infrastructure and services, announced today the completion of a debt capital raise totaling $580 million, which will be used to refinance existing credit facilities, optimize Conterra's capital structure, and provide additional capacity to support Conterra's growth.

Key Points:

CHARLOTTE, N.C., April 25, 2024 /PRNewswire/ -- Conterra Ultra Broadband Holdings, Inc. ("Conterra Networks", "Conterra" or "the Company"), a national leader in providing fiber-optic network-based infrastructure and services, announced today the completion of a debt capital raise totaling $580 million, which will be used to refinance existing credit facilities, optimize Conterra's capital structure, and provide additional capacity to support Conterra's growth.
Conterra is owned by affiliates of each of APG Group NV ("APG") and Fiera Infrastructure Inc. ("Fiera Infrastructure").
Craig Gunderson, President & CEO of Conterra, commented, "This refinancing provides Conterra with growth capital to support our continued expansion to densify our network in our focus areas and launch additional advanced services for our customers."
Steve Keaveney, CFO of Conterra, echoed similar sentiments and added, "We are extremely pleased with the outcome of the refinancing, which offers significant operating flexibility to Conterra.

CJF names Landsberg Award finalists

Retrieved on:

Tuesday, April 23, 2024

TORONTO, April 23, 2024 /CNW/ - The Canadian Journalism Foundation (CJF) is proud to announce its shortlist for the Landsberg Award , which celebrates a journalist, or journalists, enhancing awareness of women's equality issues.

Key Points:

TORONTO, April 23, 2024 /CNW/ - The Canadian Journalism Foundation (CJF) is proud to announce its shortlist for the Landsberg Award , which celebrates a journalist, or journalists, enhancing awareness of women's equality issues.
The annual award recognizes exceptional research, analysis and presentation through a gender lens in print, broadcast or online news.
"This year's three finalists show exceptional grit and skill, and their work has resulted in real change."
The Landsberg winner will be announced at the CJF annual awards ceremony on June 12 at the Royal York Hotel.

CIBC named global leader in Investment Banking and Sustainable Bonds by Global Finance

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Thursday, April 18, 2024

University, Investment, Investment banking, Climate, Green, Partnership, Carbon, Financial system, Schulich School of Business, Bank, CIBC, Head, McGill University, Renewable energy

TORONTO, April 18, 2024 /CNW/ - CIBC has been recognized by Global Finance for the second consecutive year as the Best Investment Bank in Canada and for its leadership in environmental and social sustainability financing at the Global Finance World's Best Investment Bank and Sustainable Finance Awards for 2024, including:

Key Points:

TORONTO, April 18, 2024 /CNW/ - CIBC has been recognized by Global Finance for the second consecutive year as the Best Investment Bank in Canada and for its leadership in environmental and social sustainability financing at the Global Finance World's Best Investment Bank and Sustainable Finance Awards for 2024, including:
Best Bank for Green Bonds, Global
Best Bank for Sustainable Bonds, Global
Best Bank for Sustainable Infrastructure Finance, North America
Best Bank for Sustainable Project Finance, North America
Best Bank for Transition/Sustainably-Linked Loans, North America
"This recognition highlights CIBC's longstanding leadership in supporting our clients and enabling a more sustainable future," said Susan Rimmer, Managing Director and Head, Global Corporate and Investment Banking, CIBC.
"These awards demonstrate our continued commitment to helping our clients achieve their ambitions while accelerating transition."
This recognition follows CIBC's 2023 award from Global Finance for Best Investment Bank in Canada and for Outstanding Leadership in Sustainable Infrastructure Finance.
The Global Finance Awards recognize leadership in environmental and social sustainability financing, and highlights leading institutions' expertise, advisory and innovation for capital markets clients.

CIBC introduces additional Canadian Depositary Receipts ("CDRs")

Retrieved on:

Wednesday, April 17, 2024

CDR, CIBC

TORONTO, April 16, 2024 /CNW/ - Today CIBC announced a new addition to its Canadian Depositary Receipts ("CDRs") lineup, now available on Cboe Canada.

Key Points:

TORONTO, April 16, 2024 /CNW/ - Today CIBC announced a new addition to its Canadian Depositary Receipts ("CDRs") lineup, now available on Cboe Canada.
Introduced to investors over two years ago, CIBC now has a total of 55 CDRs available in market.
CDRs make it easy to invest in many of the world's largest companies – in Canadian dollars.
The new CDR is listed below with its Cboe Canada ticker symbols:
This adds to the existing lineup of CDRs which are available for trading on Cboe Canada.

CIBC named one of Canada's Greenest Employers for third consecutive year

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Tuesday, April 16, 2024

Carbon, PCAF, Investment, Sustainability, Biophysical environment, Partnership, Workplace, EDC, Culture, Senior, LEED, CIBC, ESG, Platinum, GHG, Renewable energy

TORONTO, April 16, 2024 /CNW/ - CIBC has proudly been recognized as one of Canada's Greenest Employers for 2024, marking the third consecutive year the bank has received this award from MediaCorp Canada.

Key Points:

TORONTO, April 16, 2024 /CNW/ - CIBC has proudly been recognized as one of Canada's Greenest Employers for 2024, marking the third consecutive year the bank has received this award from MediaCorp Canada.
This recognition underscores CIBC's commitment to environmental stewardship and its efforts to create a culture of sustainability within the bank and broader community.
"We are honoured to be named as one of Canada's Greenest Employers," said Kikelomo Lawal, Executive Vice-President, Chief Legal Officer and Chair of the Senior Executive ESG Council, CIBC.
CIBC's sustainability partnership commitments include:
One of the first banks in Canada to join the RMI Centre for Climate Aligned Finance.

Homeownership feels out of reach for 76 per cent of Canadians who don't own property: CIBC Poll

Retrieved on:

Thursday, April 11, 2024

Housing, Family, Wave 1, Probability, CIBC, Second wave, Cryptocurrency

Among non-owners, overpriced markets (70 per cent) and the inability to save for a down payment (63 per cent) are cited as the main barriers to achieving their homeownership goal.

Key Points:

Among non-owners, overpriced markets (70 per cent) and the inability to save for a down payment (63 per cent) are cited as the main barriers to achieving their homeownership goal.
At the same time, only 28 per cent of non-owners say they are currently saving for a down payment.
"Housing affordability is a challenge across the country and many Canadians could use guidance on how to make their homeownership dream a reality," said Carissa Lucreziano, Vice-President, Financial Planning and Advice, CIBC.
48 per cent of Canadians are considering moving outside a major city to get more for their money.

Decomposing systemic risk: the roles of contagion and common exposures

Retrieved on:

Tuesday, April 23, 2024

Tao, CIBC, Tax, RWA, Risk, European Systemic Risk Board, Research Papers in Economics, Contagion, RT, The Big Six, NBC, International, Shock, Observation, Bank of Canada, HTC, European Economic Association, The Washington Post, Great, JPMorgan Chase, Paper, GM, Environment, Political economy, Journal of Financial Economics, COVID-19, Perception, BNS, Website, Silicon, IAT, Cifuentes, Probability, Balance sheet, RAN, Medical classification, Algorithm, Information technology, Quarterly Journal of Economics, LN, Nature, European Journal, Royal Bank of Canada, Technical report, Journal of Political Economy, Equitable Bank, Bankruptcy, RAI, PDF, Private, ECB, Policy, CHS, Supercapacitor, Social science, Journal of Financial Stability, Intelligence (journal), Elsevier, Home, Cambridge University Press, Journal, Springer Science+Business Media, Research, Classification, Regulation, News, EQB, Credit, Literature, AIK, European Central Bank, COVID, SVAR, Section 5, Management science, DRA, M4, VL, National bank, Government, ISSN, BMO, Panel, International Financial Reporting Standards, BIS, FIS, Basel III, Commerce, Scotiabank, C32, Econometric Society, Interbank, Fraud, Section 4, Bank, Schedule, VAR, Section 3, The Journal of Finance, RBC, Volcanic explosivity index, Fire, Wassily Leontief, Financial economics, Metric, Section 2, L14, Central bank, Superintendent, Bank of Montreal, Kronecker, BOC, Lithium, BCBS, Sale, Macroeconomic Dynamics, Christophe, CWB, LBC, NHA, Imperial Bank, Private equity, Quarterly Journal, National Bank of Canada, C51, Canadian Western Bank, Currency crisis, JEL classification codes, Victor Drai, L.1, MFC, Silicon Valley Bank, EB, Laurentian Bank of Canada, Federal, RA1, Series, W0, FEVD, Journal of Econometrics, Aggregate, University, FRB, MB, Financial institution, Element, Health, Book, Angels & Airwaves, Common, OSFI, GFC, Reproduction, K L, Systematic, Housing, G21, Home Capital Group, Communications satellite

Abstract

Key Points:

Abstract
We evaluate the effects of contagion and common exposure on banks? capital through
a regression design inspired by the structural VAR literature and derived from the balance
sheet identity.
Contagion can occur through direct exposures, fire sales, and market-based
sentiment, while common exposures result from portfolio overlaps.
First, we document that contagion varies in time, with the highest levels
around the Great Financial Crisis and lowest levels during the pandemic.
Our new framework complements
traditional stress-tests focused on single institutions by providing a holistic view of systemic risk.
While existing literature presents various contagion narratives, empirical findings on
distress propagation - a precursor to defaults - remain scarce.
We decompose systemic risk into three elements: contagion, common exposures, and idiosyncratic risk, all derived from banks? balance sheet identities.
The contagion factor encompasses both sentiment- and contractual-based elements, common exposures consider systemic
aspects, while idiosyncratic risk encapsulates unique bank-specific risk sources.
Our empirical analysis of the Canadian banking system reveals the dynamic nature of contagion, with elevated levels observed during the Global Financial Crisis.
In conclusion, our model offers a comprehensive lens for policy intervention analysis and
scenario evaluations on contagion and systemic risk in banking.
This
notion of systemic risk implies two key components: first, systematic risks (e.g., risks related
to common exposures) and second, contagion (i.e., an initially idiosyncratic problem becoming
more widespread throughout the financial system) (see Caruana, 2010).
In this paper, we decompose systemic risk into three components: contagion, common exposures, and idiosyncratic risk.
First, we include contagion in three forms: sentiment-based contagion, contractual-based
contagion, and price-mediated contagion.
In this context,
portfolio overlaps create common exposures, implying that bigger overlaps make systematic
shocks more systemic.
With the COVID-19 pandemic starting
in 2020, contagion drops to all time lows, potentially related to strong fiscal and monetary
supports.
That is, our
structural model provides a framework for analyzing the impact of policy interventions and
scenarios on different levels of contagion and systemic risk in the banking system.
This provides a complementary approach to
seminal papers that took a structural approach to contagion, such as DebtRank Battiston et al.
More generally, the literature on networks and systemic risk started with Allen and Gale
(2001) and Eisenberg and Noe (2001).
The matrix is structured as follows:
1
In our model, we do not distinguish between interbank liabilities and other types of liabilities.
In other words, we can and aim to estimate different degrees
of contagion per asset class, i.e., potentially distinct parameters ?Ga .
For that, we build three major
metrics to check: average contagion, average common exposure, and average idiosyncratic risk.
N i j
et ,
Further, we define the (N ?K) common exposure matrix as Commt = [A

(20)

et ]diag (?C
?L

such that average common exposure reads,
average common exposure =

1 XX
Commik,t .
N i j
(22)

20

? c ),

The three metrics?average contagion, average common exposure, and average idiosyncratic risk?provide a comprehensive framework for understanding banking dynamics.
Figure 4 depicts the average level of risks per systemic risk channel: contagion risk, common exposure, and idiosyncratic risk.
Figure 4: Average levels of contagion (Equation (20)), common exposure (Equation (21)), and idiosyncratic risk
(Equation (22)).
The market-based contagion is the contagion due to
investors? sentiment, and the network is an estimate FEVD on volatility data.
For most of
the sample, we find that contagion had a bigger impact on the variance than common exposures.

For World Mental Health Day, Jack.org Calls on Communities Across the Country to Come Together to End the Youth Mental Health Emergency

Retrieved on:

Wednesday, April 3, 2024

Bank of America, Health, CIBC, BMO, Avanade, Mental, Ride, Mental health, Knowledge, Bank, Quality of life, Adolescence, Accenture, Nursing

TORONTO, April 03, 2024 (GLOBE NEWSWIRE) -- In response to the intensifying youth mental health emergency unfolding across the country, Jack.org and presenting sponsor Bank of America are calling on people from coast-to-coast-to-coast to join Jack Ride, Canada’s Ride for Youth Mental Health. The funds raised at Jack Ride support critical mental health education programs for young people across Canada, teaching them how to recognize the signs of mental health struggle, have supportive conversations with their peers, and when and where to seek professional support.

Key Points:

TORONTO, April 03, 2024 (GLOBE NEWSWIRE) -- In response to the intensifying youth mental health emergency unfolding across the country, Jack.org and presenting sponsor Bank of America are calling on people from coast-to-coast-to-coast to join Jack Ride, Canada’s Ride for Youth Mental Health.
The funds raised at Jack Ride support critical mental health education programs for young people across Canada, teaching them how to recognize the signs of mental health struggle, have supportive conversations with their peers, and when and where to seek professional support.
Mental health is health, but Canada ranks among the bottom third of wealthy nations when it comes to youth mental health outcomes and has one of the highest rates of adolescent suicide.1 While one out of every five young people will experience a mental health disorder, many of them lack the mental health education that would help them get the support they need.
In the past 15 years, Jack Riders have raised over $10 million dollars to support young people’s mental health.

Rogers $1M Season of Canada’s Got Talent: Top Performances from Tonight’s Episode on Citytv

Retrieved on:

Wednesday, April 3, 2024

QC, CIBC, Head, BALL, HEAD, Toronto Maple Leafs, Magic, Glass, Wine, CGT, Lilly, AIR, TROY, Singing, MICHAEL

DANIEL POWTER (Vernon, BC) surprised the audience by singing “Bad Day,” an original song he wrote that topped the charts for several weeks in 2005.

Key Points:

DANIEL POWTER (Vernon, BC) surprised the audience by singing “Bad Day,” an original song he wrote that topped the charts for several weeks in 2005.
MITCHELL HRYCAN (Saskatoon, SK) duped the judges when his twin, MICHAEL HRYCAN, surprised the crowd in a shocking twist!
Together with Canada’s Got Talent, Rogers is committed to investing in premium original Canadian content while fostering homegrown talent.
Last year, Rogers contributed approximately $950M to Canadian content and produced over 12,700 hours of unique Canadian programming.

PennantPark Completes PennantPark CLO IX, LLC, Continuing the Growth of PennantPark’s CLO Platform

Retrieved on:

Monday, April 1, 2024

CLO, Debt, Fund, CIBC, Growth, Sale, Security (finance)

“This transaction reinforces PennantPark’s ability to access attractive, long-term financing well matched to the lower risk nature of the underlying assets we originate.

Key Points:

“This transaction reinforces PennantPark’s ability to access attractive, long-term financing well matched to the lower risk nature of the underlying assets we originate.
With the closing of PennantPark CLO IX, PennantPark now manages approximately $2.8 billion in CLO assets, and we look forward to continued growth with the support of our current and new investors.”
The Fund will retain all the Subordinated Notes through a consolidated subsidiary.
The reinvestment period for the term debt securitization ends in April 2026 and the Debt is scheduled to mature in April 2034.
The proceeds from the Debt will be used to repay a portion of the Fund’s $250 million secured credit facility.