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.