New Issue: CIBC prices $25 million floating-rate notes due 2023 on one-year CMS rate

By Wendy Van Sickle

Columbus, Ohio, Oct. 27 – Canadian Imperial Bank of Commerce priced $25 million of floating-rate notes due Oct. 20, 2023 linked to the one-year Constant Maturity Swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate will be equal to the one-year CMS rate plus 10 basis points, subject to a floor of 0% and a cap of 0.8%. Interest will be payable quarterly.

CIBC Capital Markets is the underwriter.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Floating-rate notes
Underlying index:	One-year Constant Maturity Swap rate
Amount:	$25 million
Maturity:	Oct. 20, 2023
Coupon:	One-year CMS rate plus 10 bps, subject to a floor of 0% and cap of 0.8%; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	Oct. 21
Settlement date:	Oct. 25
Agent:	CIBC Capital Markets
Fees:	0%
Cusip:	13605W7F2

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