CIBC offers four-year fixed-to-floating notes

By Devika Patel

Knoxville, Tenn., July 15 – Canadian Imperial Bank of Commerce intends to price an offering of dollar-denominated fixed-to-floating rate senior notes due 2023, according to a prospectus supplement filed with the Securities and Exchange Commission.

Interest will accrue at a fixed rate until one year prior to maturity and at a rate based on Libor beginning in 2022.

The notes are non-callable initially and then are callable at par one year prior to maturity on the par call date in 2022.

BofA Securities, Inc., CIBC Capital Markets, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and UBS Securities LLC are the bookrunners.

The bank plans to use the proceeds for general corporate purposes.

CIBC is a Toronto-based diversified financial institution.

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