Posted AT 2:31 PM EDT on 29/07/08
CIBC shares rise on move by bond insurer
Shares of Canadian Imperial Bank of Commerce rose nearly 5 per cent Tuesday morning as a number of analysts said developments at Merrill Lynch & Co. and bond insurers south of the border are good news for the Canadian bank.
Bermuda-based Security Capital Assurance Ltd. (SCA), one of the bond insurers that guarantees a significant portion of CIBC's subprime mortgage exposure, announced deals Monday that will boost its capital levels.
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