CIBC Capital Market’s Co-Head of Global Corporate & Investment Banking, Mike Freeborn, leads a semi-annual discussion with CIBC Investment Banking and Corporate Banking Product Heads on key trends and challenges in the financial markets as we start the new year. The panel highlights robust market activity, strong performance across sectors, and shares insights on opportunities and risks for 2026.
CIBC PERSPECTIVES:
2026 Outlook - Canadian Financing & Advisory
Michael Freeborn
Managing Director & Co-Head, Global Corporate & Investment Banking, CIBC Capital Markets
Hi everyone, I'm Mike Freeborn. From my haircut, you might think I played for the 1976 Philadelphia Flyers. I'm actually Co-Head of Global Corporate Investment Banking at CIBC Capital Markets. At CIBC, we're here to help you navigate the complexities in the markets and achieve your objectives. I'm very pleased to be here with my partners today to discuss the Canadian market in 2025 and our outlook for 2026. Today, you'll hear from my partner, Tyler Swan, who leads our Equity Capital Markets business, Sean Gilbert, who leads our Debt Capital Markets business, Mike Boyd, who leads our M&A practice, and Jordan Spellman, who leads our Syndications Group in Corporate Banking. Our experts will do a brief recap of their observations from the past 12 months and share key themes for 2026. Tyler, why don't we start with you? Can you provide the audience a brief overview of Canadian ECM through 2025, and your thoughts for the outlook for 26?
Tyler Swan
Managing Director & Global Head, Equity Capital Markets, CIBC Capital Markets
Sure. So I'll start by saying the market is incredibly robust. Still selling really well, trading really well after we price the deals. I'm gonna go through four key trends. First one, mining spend about 40% of the market for the last two years. And most of that is gold and silver. So precious metals. Bullion price for gold up 65% last year. Silver up 148% last year, near all time high. So that trend is going to continue. The market caps these companies are getting larger and larger. The deals are getting larger and larger. Second key trend, the hottest deals last year were acquisition financing. So companies doing large accretive acquisitions WSP did a large deal, DFINITY, Extendicare, Boyd Group, Keyera, Capital Power, those deals on average, traded up 8% in the week after we priced those deals. Equity valuations are robust for a lot of our clients. They're keen to do accretive M&A and investors want them to do accretive M&A. So we think that there's a lot of private equity targets out there. There's a lot of great targets for the public companies. And we're going to continue to see a lot of acquisition finance. Third key trend, obviously there's an enormous amount of spend that needs to happen to power the AI infrastructure build out. The Canadian energy infrastructure companies are very keen to both buy assets and have aggressive organic growth plans. The last couple of years, mining was the hottest sector in terms of equity issuance by volume. This year I think it'll be equity infrastructure. And then the last one, US IPO market has been recovering and had a really good year last year. Last couple of years Canadian markets only just reopening. Last year we had two large Canadian IPOs. This year I bet that we have 10 to 15 IPOs in the Canadian market. Companies are appointing banks. The work is underway. I think that that will be a very big recovery year. And reopening year for the Canadian market. So, I'll leave it there. Right on.
Michael Freeborn
Managing Director & Co-Head, Global Corporate & Investment Banking, CIBC Capital Markets
Thank you Tyler. So, clear sailing ahead. Acquisition related financings work. Investors want them... Should bode well for our business and for us helping our clients achieve what they want to achieve. Indeed. Thank you very much. Sean, maybe we'll, turn to you, for DCM view.
Sean Gilbert
Managing Director & Global Co-Head, Debt Capital Markets, CIBC Capital Markets
Sure. Yeah. Thank you very much for that. And so I would categorize 2025 as a very important year for the development of the Canadian DCM bond market. We saw a continuation of some themes that we saw emerge in 2024. And some new things pop up for us. So maybe I'll just start with the headline. It was a record year in the Canadian debt capital markets. We saw over $167 billion of issuance that split between both banks and corporates, and will delve into both, but that's a 16% increase from last year, which was a record year. So two record year in a row. On the bank side, on the Canadian bank issuance side, we saw about $57 billion of issuance. That's slightly ahead of last year. The main catalyst there was that, banks or global issuers and look at relative value across multiple markets towards the second half of the year, the Canadian market provided some pretty good relative value, and obviously it's funding in their home currency. So they took advantage of that. On the corporate front, if we take that, the total amount would be about $110 billion, which was very, very strong in record year. But I'd like to break that down a little bit because there's some really interesting components of, of those. So what are some themes we saw? Hybrids. Hybrids are junior subordinated bonds that do get equity credit from both the rating agencies and the bank facilities, hence the term hybrid. We saw almost $11 billion of hybrids done this year. And that is by far, a high watermark. One of the larger utilizer sectors of that would have been the telcos. So telcos were more than 50% of that issuance. And there was a bit of a balance sheet protection, component to that where issuing hybrids. And then buying back senior debt at a discount provided a nice delivering effect. So that was a very, very strong outing from that perspective. And again, those issuers would have access to global markets. 2025 saw a very competitive relative value pricing. And so we saw a lot of those, borrowers come back home. On the high yield front, it's a topic that we've talked about on and off on these, on these events. Very, very strong year for high yield in Canada, over $7 billion of issuance. That would be our second biggest high yield year ever. And so, the factors there are, I think our issuers did see reasonable, coupons, and investors were also looking for incremental yield. So it was a nice kind of equilibrium where the two met. Maples, which for those that have not heard that term before, would be our foreign issuers. Extremely strong year. The Maple market saw almost $16 billion of issuance. That's a pretty high watermark. It would be the second largest issuance, going back multiple decades. One, tailwind on that is at the beginning of 2025, Maple bonds, or foreign issued bonds into Canada, were part of the main index. So the pricing has to work. And it did work, relatively speaking. You see a theme there with global relative value, but because they're index eligible now, we saw increased buyer bases. And therefore when the deals did come, we were able to see larger transactions. So really good development on a lot of those fronts. And I think in particular the Maple market being included, it was a big development. Two other, maybe trends I want to point to the inaugural issuers. So 2025 was a really strong year for new and inaugural issuers. And this was what I would call the building blocks of our markets. So the stats would bear out that there were about 35, 36 new issuers on our market for about $19 billion. That's a nice follow on from the prior year, where we had sort of 22 or 23 new issuers and about $16 billion. So if you combine the last two years for the Canadian markets development, it's almost 60 new issuers and about $35 billion. You could go back the prior five years and not have that dollar volume. So that's a trend that I'd like to keep my eye on. And the last one is M&A, similar to what Tyler mentioned. We did have a bit of a bump in the M&A year. It's about $13.5 billion, some really strong issuances. I will highlight the Keyera financing in our market. That was tied for the largest deal in the market at $2.8 billion. Another interesting factor there is prior to that deal, they had $2.4 billion outstanding in total in our market. And this one transaction more than doubled their outstanding amounts. So if I can just talk briefly about what's pushing issuers into this market, I’ll label four things – stable and consistent cost of funds, throughout the year, other than the little April, Liberation Day bump. But since then we've seen very strong and consistent, cost of funds, rates came up, spreads came down. But the net effect was that coupons were relatively consistent. We did see spread compression. That was a big theme in our market as, as liquidity came in and we did see spreads come down quite materially. And because of that, we did see spread borrowers not all in coupon bonds, but spread more respect on the front end, take advantage of a low spread environment. Bond market versus bank market. I would say that, our spread compression didn't have a material impact on the cost of funds relative to the two markets. And so, I can think of several transactions where we added a short-term, tranche to the deal because it was competitive with the bank financing, or we upsized deals because of the relative cost. And then I would say maturities would be a big one. We had $50 billion of maturities. That is a bit of a high watermark. It's consistent with 2024. And we'll see the same factors in 2026. Investors remain very, very liquid. And I really like the liquidity fundamentals in our market. We've had over two years of positive monthly inflows and counting. So that's been a lot of money coming into the sector. Coupon re-flows. These are coupons that are now coming due because of issuance, reached about $27 billion in 2025. If you go back five or 6 or 7 years, that was about $17 (billion), $10 billion of incremental liquidity. We talked about maturities, and liability management was the theme. A lot of the, particularly telcos, actually pulled bonds out of the market. And so, that is also a bit of a liquidity boost. So, all told, in conclusion, I think that, 2025 was an active, constructive and a transformational year for us. And I like a lot of the, the foundations that were set for potentially a very robust, fingers crossed, 2026.
Michael Freeborn
Managing Director & Co-Head, Global Corporate & Investment Banking, CIBC Capital Markets
That's great. Thank you Sean. So, it sounds to me like, our clients have generally had enduring access to the market throughout the year. I mean, even when we did have that, wobble in April, that was short lived. I think in the bond market, you were you were saying and, that last year and I assume this year, it feels like pricing in Canada has been competitive with other markets. So to the extent that our clients have global options in the bond markets, Canada has been winning out, which is fantastic.
Sean Gilbert
Managing Director & Global Co-Head, Debt Capital Markets, CIBC Capital Markets
I would say the spreads are at multi-year lows. So I mean, how low can they go would be a question. But yes, they've been, ever since April, it's been really good ride.
Michael Freeborn
Managing Director & Co-Head, Global Corporate & Investment Banking, CIBC Capital Markets
- That's great. Thank you, Sean. Mike, if we can now turn to you for your views on the M&A market.
Mike Boyd
Managing Director & Global Head, Merger & Acquisitions, CIBC Capital Markets
Yeah, sure. And I’ll start by providing some context on 2025, as it really was an extraordinary year. We ended up having the second best year on record in terms of both global and Canadian M&A volumes. Second only to the, to the 2021, COVID year. And just to give you some numbers on that, in terms of the, year-over-year in 2025, M&A volumes globally were up 48% versus ‘24 and over 60% in Canada. And I would say, you know, 2024 was a pretty solid year, but obviously 2025 was, was an outstanding year. And I would say it was an extraordinary year, because if you think back to a year ago, when we were sitting here, there was a lot of concern about the outlook for markets and M&A activity. Given the talk about the impact of tariffs, the worries about a global trade war, etc.. And so, to go from where we were back in March and April, to where we ended the year, really was pretty remarkable, actually, to watch it. In terms of some of the drivers of the market, the M&A market in 2025, I think the drivers of the M&A market in 2025, will continue to be, you know, key themes and drivers going forward for the upcoming year. And I just highlight a few of them. The first one I would say is companies, pursuing growth and scale, a lot of industries, you know, have consolidated and are consolidating. And they're really it really feels like there's a race for scale which is driven larger cap M&A. And, you know, much as large caps have driven the equity market, they've really been driving the M&A market over the past, over the past year. And just to put some numbers on that, in 2025, there were four deals globally, over $50 billion U.S there were there were no deals that size back in 2024. And in Canada, you know, deal sizes are generally a little smaller. But similar trend, there were ten deals, over $5 billion in the Canadian market in 2025, versus only 6 in 2024. So deal sizes certainly are getting larger. Clearly AI has been a driver of M&A globally, particularly amongst tech companies as they race to position themselves, but also in other industries, which AI is changing and companies look to add capabilities and scale, to fund the required investments and better position themselves. So that's definitely a theme. I think we'll see continuing. Both, Tyler and Sean talked about the strong financing markets. You know, both equity and debt, particularly leveraged finance, have made it possible to finance larger deals. And as you heard, you know, there's been a lot of appetite from investors to support M&A. So that's obviously been very constructive. And that's led to private equity funds being much more active in 2025. As they look to put a significant amount of capital to work. As an example, just a few months ago, we saw the, the largest, buyout ever, the $55 billion buyout of Electronic Arts. And obviously, you need very robust financing markets to support, going private of that size. But I think it does speak to the, the strength of the financing markets, driving M&A and also the increased role of private equity. And then finally, and very relevant to Canada, the strong commodity environment has led to the strong commodity environment has led to a significant increase in activity in the energy and mining sectors. And that's a trend that we definitely expect to continue in the upcoming year. So, you know, overall, you know, it was a very strong year. And I think we're you know, it feels like, the major drivers are intact moving forward here.
Michael Freeborn
Managing Director & Co-Head, Global Corporate & Investment Banking, CIBC Capital Markets
Fantastic. Thanks, Mike. So, it feels like boardroom confidence is running at all time highs. Capital formation has been strong in private and public markets. We've got investors that want to do these things. We have bond and bank markets that are receptive to the financings. And this private credit world that is now a bigger and bigger part of this.
Mike Boyd
Managing Director & Global Head, Merger & Acquisitions, CIBC Capital Markets
Yeah. So, if you think about, you know, I think you just listed some of the key things you need to really drive, you know, M&A activity and all of those, you know, it feels like we've got a green light right now. That can change. And I'm sure we'll talk about sort of what, you know, what factors we should be also thinking about in terms of, you know, what could change the environment we're in. But right now it feels pretty good.
Michael Freeborn
Managing Director & Co-Head, Global Corporate & Investment Banking, CIBC Capital Markets
Yeah. That's great. Thank you Mike. Jordan, maybe we'll turn to you and, get you to talk a little bit about the bank market that underpins all this.
Jordan Spellman
Managing Director & Head, Canadian Loan Syndications, CIBC Capital Markets
Yeah, absolutely. So, so maybe we we start with some context of how busy the bank market was last year. So we had $407 billion of volumes in 2025. And that was a 6% reduction from 2024, albeit 2024 was really, a high watermark for the market, largely because all borrowers had to come to market and redo their deals because of CDOR cessation and put CORRA into their financings. So, if we look back to 2023 as sort of a more normalized benchmark, if you will, we saw volumes of $341 billion. So, you can see how busy 2025 was. I think within that, we saw three main themes. The first one really was lender funding costs. A bit like Sean just mentioned a second ago. So we've had elevated lender funding costs for the past couple of years. They abated over the course of 2025, and now we're back down to 2022 levels. That is resulted in more positive and supportive bank market conditions. And so that's taking the pressure off the banks when evaluating whether or not to deploy capital. So that's resulted in fewer transactions with lenders declines, fewer transactions with pricing premiums required to clear market and in many instances, longer tenure, for borrowers that they could have otherwise been able to achieve. So I think the reduced funding costs is very much been instrumental to market tone, sentiment and support in the bank market this year. The second theme, of course, is M&A financing. So that accelerated, as Mike just mentioned, throughout the course of the year. We've seen multi-billion dollar financings successfully placed in the bank market. Think of things like Cenovus acquisition of MEG. That was a $5.5 billion financing. Think of WSP's proposed acquisition or TRC, that's $3.3 billion US. And Keyera’s midstream acquisition of Plains' Midstream, that was a $3.85 billion acquisition. And they're all very well supported, by the lenders. And they all had term loans and bridges as part of those financings. And the support really has been driven by the anticipated future revenues for the lenders as part of the take outs in the bond and equity markets thereafter. To Mike's point, a second ago that the top ten largest M&A finance this year, aggregated for more than $25 billion this year. That's significant for Canada. That's up 25% year-over-year, probably underpinned a little bit by lower interest rate costs conduce to take out markets. But interestingly, seven out of those ten transactions, were in the oil and gas and or energy related sectors. And finally, I'd say we saw some sort of differentiated, activity in subsectors. So firstly, the oil and gas sector, which was very, very busy, we saw almost all of the large FAS in market this year. So these are bars with huge, lending syndicates. And they all almost all came to market this year, which is unusual because typically, a handful of these, financings sit out of market for, a year or two. And I think that goes back to the, market sentiment I spoke about a moment ago. The second, sector would be mining, like Tyler just mentioned, a moment ago, that has been very, very active. We've seen a lot of lender, competition in that sector. And really I think is underpinned by the equity opportunities for lenders in those lending syndicates. And then lastly, of course, the project finance and infrastructure space. We just saw a continuation of that activity, as Canada continues to build out, and obviously, of course, digital infrastructure as a consequence of the AI wave and all the peripheral activities as it relates to, you know, battery storage and electrical capacity, and I think in a, in a way that's a very strong parallel to what we've seen in the US, where there's been significant, LNG, financings and significant dips in financings as well. So I think overall the market's been very, very open and very, very supportive. Over the course of the year across basically all verticals. And it's been great to see.
Michael Freeborn
Managing Director & Co-Head, Global Corporate & Investment Banking, CIBC Capital Markets
That's great. Thank you Jordan. And so what I'm hearing is similar to these other markets. Bank market is wide open and really, really underpins all the activity that our clients are looking to undertake. And did so in ‘25 and will hopefully do so again in ’26.
Jordan Spellman
Managing Director & Head, Canadian Loan Syndications, CIBC Capital Markets
Absolutely.
Michael Freeborn
Managing Director & Co-Head, Global Corporate & Investment Banking, CIBC Capital Markets
Thank you. Jordan. Not to make the conversation take a dower-turn, but maybe, we'll follow up and just talk a little bit about the risks we all see in the coming year. I'll start with you, Tyler.
Tyler Swan
Managing Director & Global Head, Equity Capital Markets, CIBC Capital Markets
Yeah. So obviously we're really bullish on this year, but there's always risks. So maybe to walk through what some of those risks are and in some cases a kind of a counterpoint to the bull case. So, one, at the moment the market seems completely unconcerned with geopolitical risks, which I think everybody, we agree, are increasing. Maduro’s capture on the weekend, the S&P is up for 1.5% in a couple of days since, so the market's looking through that. But that can change on a dime. Two, if we had a serious correction in the gold and silver price, possible given the large run, that would put a damper on that sector. That's been 40% of issuance. I see, though, if we get a small pullback, the market will take that in stride. These are still very attractive commodity prices. And I don't think that that would stop activity. Three, a large component of the overall equity markets think the Mag 7 are tied to this, AI, infrastructure and capital spend. If that doesn't meet the growth expectations, that's going to be a headwind for the overall broader market. And even companies that aren't tied to that trade, it's going to bring them down as well. So that's something definitely I think the overall is the thing that most people in the market are monitoring. Lastly, economic growth projections are relatively positive. Earnings growth projections are quite positive, about 14% for this coming year for the S&P 500. But you see unemployment in Canada and the US ticking up every single report. So if we got a bit of a lesser growth picture than the market's anticipating estimates are going to come down, that's gonna be a headwind. I'd say that that's where the IPO market in particular is a little bit vulnerable. Right. That all said, we're quite bullish on the year ahead.
Michael Freeborn
Managing Director & Co-Head, Global Corporate & Investment Banking, CIBC Capital Markets
Yeah, makes sense. And Sean I assume similar drivers in your markets.
Sean Gilbert
Managing Director & Global Co-Head, Debt Capital Markets, CIBC Capital Markets
Yeah I mean I've been asked what the risks are for many many years. I'm not sure if you play back the tapes I've got any of them right. So I'm going to take a different tack on this. And I'm just going to say, what would I keep my eye on if I was an issuing client and frankly, and invest in client to kind of just see maybe a bit of a turning the tide. And so number one, I would say is a spike in funding costs. And it doesn't matter if that means that spreads went up or underlying yields went up. But what we have seen that is derailed or slowed down our market is when the issuers take a pause, when the structure of the funding cost goes up. And we saw that a little bit in in April when, when the April numbers were down ahead of Liberation Day and you saw that that cost go up. And we've tracked it over the last couple of years. And even if it's a relatively small bump up, I think the natural reaction is to just pause and hold off and see if it's temporary. And if it isn't temporary, then that look back feature of I can look back a little bit and that's okay to issue in that level. So that's that's what I would look at is we've seen these little spikes. And we saw towards the end of 2025 when there was a bit of a bump in underlying GOC yields. It just tempered for a little bit. So that's number one. Number two for me. And goes back to the spread discussion is lack of conviction buying on dips. And so what we've seen pretty much steadily through April after April is when we saw rate spreads go up 3, 4, 5 basis points. You know, the investor community would come in and buy that because they needed to get the credit. And if you liked X credit at this spread, five wider is a good place to get it. I would look to see when we see those blip, that that conviction kind of ebbs a little bit in the next kind of dip in that environment. One thing we look at pretty closely on our desk is the erosion of what I would call ‘the vital signs’. Like, that’s my term, that's not a market term, but I look at three things. I look at aftermarket performance of deals, as Tyler mentioned. New issue concessions on deals and the breadth and depth of the buyer base, both in aggregate numbers overall and just also in quality and composition of the book. And those three things would sort of bleed into each other. Those vital signs have been very, very positive throughout most of the year. When we start to see deals not perform as much and the new issue concessions creep up and buyers pull away, that's a bit of a canary in the coal mine. And then the last one, I'll echo Tyler's comments. It's, you know, the erosion of the economic backdrop. And I think that that would be, definitely another, it would weigh on issuer's psyche in the sense that, if you feel defensive, we definitely have seen that issuers have maybe hid out a little bit in the bank market, because if economic conditions worsen, that's typically a little bit more repayable without cost. And so I think that we saw that through some of the, crises or what looked like crises over time is when things got a little bit darker. Maybe you don't refinance the entire billion dollars in the bond market. Maybe you refinance half and then put some into the bank market as a way to look for a quick way to de-lever So those would be sort of the four things that I would be looking at.
Michael Freeborn
Managing Director & Co-Head, Global Corporate & Investment Banking, CIBC Capital Markets
That's great. Thanks, Sean. So but by and large strong vitals. The patient has strong vitals. But we're always watching. We’re always mindful.
Sean Gilbert
Managing Director & Global Co-Head, Debt Capital Markets, CIBC Capital Markets
Now, now I feel like we're jinxing it. Absolutely. We definitely seen that. And we've seen high quality books. We've seen good aftermarket performance. So, right now I think we're we're in that good spot.
Michael Freeborn
Managing Director & Co-Head, Global Corporate & Investment Banking, CIBC Capital Markets
That's great. Thanks, Sean. And Mike over to you.
Mike Boyd
Managing Director & Global Head, Merger & Acquisitions, CIBC Capital Markets
Yeah, I mean, like Tyler, I'm generally positive on the outlook for 2026. But you know, clearly given where we are, I think we do need to think about risks. And I would highlight two and there's I think a fair bit of overlap with what both Tyler and Sean just said. But M&A is all about confidence and confidence in the outlook. So I think any major shock or change which impacts confidence about the, you know, the economic outlook and creates uncertainty, could have a fairly significant impact on M&A. And given how we've started the year, you know, at a geopolitical shocker event is probably, you know, increasing in terms of the, the level of concern. So I think that's certainly one. And we spent a lot of time earlier talking about the importance of financing to M&A markets. So I think if we saw, you know, a significant, downturn in the equity or debt markets, I think you'd see that have a follow on impact on M&A. I think only in regard to if it's a not not, not a, you know, kind of normal market correction, the M&A market could deal with that. But I think if it's a real downturn in markets caused by something more fundamental, I think you'd see that have a, have a slowing impact on M&A. So those are the two things that I would point to, you know, as is often the case, the thing that ultimately is the biggest risk is one people don't necessarily see. Or we'd be talking about it right now.
Michael Freeborn
Managing Director & Co-Head, Global Corporate & Investment Banking, CIBC Capital Markets
Yeah, right?
Mike Boyd
Managing Director & Global Head, Merger & Acquisitions, CIBC Capital Markets
But those are two that I would point to.
Michael Freeborn
Managing Director & Co-Head, Global Corporate & Investment Banking, CIBC Capital Markets
Yeah. Oh, it's a good point. It's very easy to get complacent when markets have been up consistently.
Mike Boyd
Managing Director & Global Head, Merger & Acquisitions, CIBC Capital Markets
Yeah. Absolutely.
Michael Freeborn
Managing Director & Co-Head, Global Corporate & Investment Banking, CIBC Capital Markets
As you've heard today, everything's sort of working. We sort of forget that, not all this works all the time. So there will be something that causes a wobble. And, we're always mindful of that for our clients.
Mike Boyd
Managing Director & Global Head, Merger & Acquisitions, CIBC Capital Markets
Absolutely.
Michael Freeborn
Managing Director & Co-Head, Global Corporate & Investment Banking, CIBC Capital Markets
Thank you. Mike. And maybe, Jordan will turn to you. And just your view of risks in the bank market.
Jordan Spellman
Managing Director & Head, Canadian Loan Syndications, CIBC Capital Markets
Yeah. Similarly. Look, I think all things being equal. So no geopolitical events or market dislocations, we expect everything in 2026 to remain supportive for normal course financings and renewable and infrastructure financing. So of course M&A across basically any and all sectors. But of course, as we all just discuss, is always the unforeseen, which could lead to market disruptions which could lead to increased, lender funding costs, again. And that's why we need to be cognizant of, I think. So I think so I think I advise clients to stay in touch with their bankers as close as much as possible, make sure that they're on top of market tone, and maybe be a bit more, flexible with regards to their financing just to capitalize on more conducive markets. And that might just simply mean bringing forward a normal course outing from the end of the year to perhaps Q2, instead of, we need to see what the unknown, brought. I expect infrastructure and M&A, perhaps to be a little bit more insulated, to a degree, just because they're more, on a case by case basis. But the M&A in particular, of course, as Mike, just said, will also be reliant on everybody else's, markets as well. But, to use Tyler's words, we are very bullish in 2026, all things considered.
Michael Freeborn
Managing Director & Co-Head, Global Corporate & Investment Banking, CIBC Capital Markets
It's fantastic. Thank you. Thank you Jordan. Yeah, I think overall what you're hearing from this team is, clear sailing ahead, but as Mike says, you know, we always think it's clear sailing and these things that happen to markets and to our clients and to our business are the unforeseen things where we're always mindful of the risks. And we always have, have an eye on the potential downsides. But overall, we're all very, we're all very optimistic. Jordan, thank you. And thank you also to Mike, Tyler and Sean. And thank you all for listening today. We hope you found this valuable. As always, feel free to reach out to your CIBC team. We'd be more than happy to discuss your specific circumstances and how we can help you achieve what you'd like to achieve.
All opinions and estimates expressed in this video are as of the date of publication unless otherwise indicated, and are subject to change.
® The CIBC Logo is a registered trademark of CIBC, used under license.
The material and/or its contents may not be reproduced without the express written consent of CIBC.