By Cristal Cody
Tupelo, Miss., March 27 – Canadian Imperial Bank of Commerce (A1/A+//DBRS: AA) priced C$1.5 billion of 10-year non-viability contingent capital debentures (A1/A+/AA-) on Tuesday, according to a news release.
The debentures due April 4, 2028 will have a fixed rate until April 4, 2023 and then will reset to the three-month Canadian dollar Bankers’ Acceptance rate plus 100 basis points thereafter.
CIBC World Markets Corp. was the bookrunner.
Proceeds will be used for general company purposes.
The diversified financial institution is based in Toronto.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Amount: | C$1.5 billion
|
| Description: | Non-viability contingent capital debentures
|
| Maturity: | April 4, 2028
|
| Bookrunner: | CIBC World Markets Corp.
|
| Coupon: | 3.45%; resets April 4, 2023 to three-month Canadian dollar Bankers’ Acceptance rate plus 100 bps
|
| Call feature: | On or after April 4, 2023 at par
|
| Trade date: | March 27
|
| Settlement date: | April 4
|
| Ratings: | Moody’s: A1
|
| S&P: A+
|
| DBRS: AA
|
| Distribution: | Canada
|
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