By Rebecca Melvin and Cristal Cody
Concord, N.H., Jan. 12 – Canadian Imperial Bank of Commerce sold $2.5 billion of 1.846% covered bonds with a five-year tenor and a spread of SOFR mid-swaps plus 48 basis points, or Treasuries plus 34.38 bps, on Tuesday, according to a market source.
Price talk was in the SOFR mid-swaps plus 50 bps area.
BofA, CIBC, HSBC, TD and UBS were bookrunners on the deal.
CIBC is a Toronto-based diversified financial institution.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Covered bonds
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| Amount: | $2.5 billion
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| Maturity: | Jan. 19, 2027
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| Bookrunners: | BofA, CIBC, HSBC, TD and UBS
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| Coupon: | 1.846%
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| Spread: | SOFR mid-swaps plus 48 bps, or Treasuries plus 34.38 bps
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| Trade date: | Jan. 11
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| Price talk: | SOFR mid-swaps plus 50 bps area
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