Published on 4/1/2024 in the Prospect News Canadian Bonds Daily and Prospect News Investment Grade Daily.
New Issue: CIBC prices $750 million 5.26% senior notes due 2029
Chicago, April 1 – Canadian Imperial Bank of Commerce priced $750 million of 5.26% senior notes due 2029 on Monday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at par, or at Treasuries plus 93 basis points.
The bail-inable notes will be callable with a Treasuries plus 15 bps make-whole premium until the one-month par call option.
CIBC World Markets Corp., BofA Securities, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are joint bookrunners.
Proceeds will be added to the bank’s funds and will be used for general corporate purposes.
CIBC is a Toronto-based diversified financial institution.
| Issuer: | Canadian Imperial Bank of Commerce
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| Amount: | $750 million
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| Issue: | Senior bail-inable notes
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| Maturity: | April 8, 2029
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| Bookrunners: | CIBC World Markets Corp., BofA Securities, Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
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| Co-managers: | Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., ING Financial Markets LLC, Loop Capital Markets LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc., Natixis Securities Americas LLC, Santander US Capital Markets LLC, UBS Securities LLC and Wells Fargo Securities, LLC
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| Trustee: | Bank of New York Mellon
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| Counsel to issuer: | Blake, Cassels & Graydon LLP (Canada) and Mayer Brown LLP (United States)
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| Counsel to underwriters: | Allen & Overy LLP
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| Coupon: | 5.26%
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| Price: | Par
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| Yield: | 5.26%
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| Spread: | Treasuries plus 93 bps
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| Call features: | Make-whole call at Treasuries plus 15 bps; one-month par call
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| Trade date: | April 1
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| Settlement date: | April 8
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| Distribution: | SEC registered
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| Cusip: | 13608JAA5
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