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CIBC issues statement on sub-prime exposure
TORONTO, July 10 /PRNewswire-FirstCall/ - CIBC today issued the
following statement:
Recent media reports have estimated that CIBC has US$2.6 billion
exposure to the US subprime real estate mortgage market.
CIBC has both hedged positions through insurance as well as unhedged
positions. CIBC does not disclose individual securities positions but
confirms its previous statements to the media that its unhedged exposure to
this sector is well below US$2.6 billion.
The majority of the securities held are AAA-rated, the highest rating
category.
SOURCE CIBC