By Wendy Van Sickle
Columbus, Ohio, Jan. 13 – Canadian Imperial Bank of Commerce priced C$1 billion of 5.33% 10-year fixed-to-floating rate subordinated debentures on Friday, according to a news release.
The non-viability contingent capital bonds will after Jan. 20, 2028 to a floating rate of daily compounded CORRA plus 237 basis points.
CIBC Capital Markets was the bookrunner.
Proceeds will be used for general corporate purposes.
The diversified financial institution is based in Toronto.
| Issuer: | Canadian Imperial Bank of Commerce
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| Amount: | C$1 billion
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| Issue: | Fixed-to-floating rate subordinated debentures
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| Maturity: | Jan. 20, 2033
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| Bookrunner: | CIBC Capital Markets
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| Coupon: | 5.33% until Jan. 20, 2028, then resets to floating rate of daily compounded CORRA plus 237 bps
|
| Call feature: | On or after Jan. 20, 2028 at par
|
| Trade date: | Jan. 13
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| Settlement date: | Jan. 20
|
| Distribution: | Canada
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