CIBC, Smithfield, Freddie Mac price notes; Belgium upsizes deal; EBRD sells green bonds

By Cristal Cody

Tupelo, Miss., Sept. 28 – Canadian Imperial Bank of Commerce tapped the U.S. primary market on Thursday with a $1.75 billion dollar-denominated offering of three-year fixed- and floating-rate notes.

CIBC priced $500 million of floating-rate notes due Oct. 5, 2020 at Libor plus 31 basis points and $1.25 billion of 2% three-year fixed-rate notes.

Also in corporate supply, Smithfield Foods, Inc. priced $400 million of split-rated four-year notes.

In other issuance, Freddie Mac sold $2.5 billion of three-year reference notes.

Belgium placed an upsized $1.5 billion offering of long two-year notes. The Rule 144A and Regulation S deal was upsized from an initial $1 billion offering.

Also, the European Bank for Reconstruction and Development priced a $500 million offering of green bonds.

EBRD (Aaa/AAA/AAA) priced a $500 million offering of 1.875% global green bonds due July 15, 2021 on Thursday at mid-swaps plus 3 bps, or a spread of Treasuries plus 33.2 bps, according to a market source. The bonds were initially talked to price in the mid-swaps plus 4 bps area.

The Markit CDX North American Investment Grade 29 index firmed about 1 bp on Thursday to close at a spread of 56.8 bps.

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