New Issue: CIBC prices $737,000 floating-rate notes on 10-year U.S. dollar SOFR ICE swap rate

By Wendy Van Sickle

Columbus, Ohio, Nov. 1 – Canadian Imperial Bank of Commerce priced $737,000 of floating-rate notes due Nov. 3, 2027 linked to the performance of the 10-year U.S. dollar SOFR ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will accrue at the swap rate plus 141 basis points, with a floor of zero, and is payable quarterly.

The payout at maturity will be par plus accrued interest.

BofA Securities, Inc. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Floating-rate notes
Underlying rate:	10-year U.S. dollar SOFR ICE swap rate
Amount:	$737,000
Maturity:	Nov. 3, 2027
Coupon:	Underlying rate plus 141 bps, floor of 0%, payable quarterly
Price:	Par
Payout at maturity:	Par plus accrued interest
Initial level:	1,761.76
Pricing date:	Oct. 27
Settlement date:	Nov. 3
Agent:	BofA Securities, Inc.
Fees:	1%
Cusip:	13607LAJ2

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.