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

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

Canada NewsWire

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 Investment Bank in Canada
  • 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. In addition,  CIBC ranked #1 for Sustainability Linked Loans(1), #2 Sustainability or Green Structuring Agent for Canadian green and sustainability loans(2), and received the 2023 Financial Adviser (Americas) Award by Infrastructure Journal Global for its leading financial advisory expertise through transactions across the energy transition space.

CIBC's commitments towards sustainability include:
  • We mobilized $44.4 billion(3) in sustainable finance activities in fiscal year 2023, achieving a cumulative 52.4% (or $157.3 billion) over the past five years toward our $300 billion goal by 2030(4).
  • Continued focus on developing market solutions with partners, expanding sustainable finance solutions for our clients such as the pilot Sustainable Finance Guarantee Program with Export Development Canada, aimed at helping with lending activities that contribute to decarbonizing the economy and can provide up to $1 billion in financing.
  • Committed to providing $100 million in limited partnership investments in climate technology and energy transition funds, partnering with six funds that provide growth capital to emerging climate and energy transition technology companies to help the global community transition to the net-zero carbon economy.
  • Continuation of multi-year partnerships with the University of Calgary, the Schulich School of Business, and McGill University to help foster the energy transition ecosystem and develop a new generation of leaders.
  • Finalized the commercialization of Carbonplace, a technology platform for the voluntary carbon market founded by nine global banks, appointing its first Chief Executive Officer and transitioned to an independent entity.

The Global Finance Awards recognize leadership in environmental and social sustainability financing, and highlights leading institutions' expertise, advisory and innovation for capital markets clients. Activities in 2023 were considered for both awards.

About CIBC

CIBC is a leading North American financial institution with 13 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, 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 https://www.cibc.com/en/about-cibc/media-centre.html.

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(1) FY2023 : Bloomberg Global Sustainability-Linked Loans Bookrunner league tables as at Jan 30, 2024.



(2) LSEG LPC 2023 Americas Sustainability & Green Structuring Agent League tables.



(3) The methodology applied to our 2023 progress details how we account for our share of each transaction depending on business product. In the event that multiple products or services are provided to the same client or for the same eligible activity, the value of each product or service is counted towards the sustainable finance commitment, which encourages the active participation of multiple business units at CIBC in supporting our sustainable finance goal. When appropriate, we utilize a modified third-party league table methodology to attribute CIBC's share of the transaction depending upon CIBC's role, which for syndicated loans, M&A advisory, and debt and equity underwritings, in which we act as a lead or co-lead, could result in amounts being counted not directly financed or facilitated by CIBC. For transactions involving foreign exchange conversion, we have applied a fixed internal advised rate. The methodology applied to our 2023 and cumulative progress was established in 2018 and subsequently updated in 2021, 2022, and 2023 to reflect changing market practices and industry guidelines. In March 2024, we published our updated 2024 Sustainable Finance Methodology, which is effective prospectively for eligible transactions that close on or after November 1, 2023. CIBC intends to regularly update our methodology as market practices, industry guidelines, frameworks, standards, and regulations continue to evolve.



(4) Sustainable financing largely relates to various CIBC products and services that support client activities such as renewable and emission-free energy, energy efficiency, sustainable infrastructure or technology, sustainable real estate, affordable housing and basic infrastructure; as well as sustainability-linked and green financial products. Sustainability-linked financial products are designed to incentivize the client to achieve pre-determined ESG targets with pricing implications (for example, linkages to interest charged or credited). Our sustainability-linked financial products are aligned to relevant guidelines, principles, and frameworks such as the Asia Pacific Loan Market Association, Loan Market Association, Loan Syndications, and Trading Association Sustainability-Linked Loan Principles or International Capital Markets Association Sustainability-Linked Bond Principles. The products and services offered by CIBC included in our sustainable finance commitment include loans and loan syndications, debt and equity underwritings, M&A advisory, and principal investments. Loans and investments that enable affordable housing activities also meet our obligations under the U.S. Community Reinvestment Act. In 2023, our methodology was updated prospectively to include transactions relating to securitization. We did not restate our cumulative performance from 2018 to 2022.



 

SOURCE CIBC



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