Published on 10/4/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $3 million floating-rate notes due 2032 on SOFR ICE swap rate
By Wendy Van Sickle
Columbus, Ohio, Oct. 4 – Canadian Imperial Bank of Commerce priced $3 million of floating-rate notes due Oct. 4, 2032 linked to the one-year U.S. dollar SOFR ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be equal to the swap rate plus 130 basis points, subject to a floor of 0% per annum. Interest will be payable monthly.
CIBC Capital Markets is the underwriter.
Issuer: | Canadian Imperial Bank of Commerce
|
Issue: | Floating-rate notes
|
Underlying index: | One-year U.S. dollar SOFR ICE swap rate
|
Amount: | $3 million
|
Maturity: | Oct. 4, 2032
|
Coupon: | Swap rate plus 130 bps, subject to a floor of 0% per annum; payable monthly
|
Price: | Par
|
Payout at maturity: | Par
|
Pricing date: | Sept. 30
|
Settlement date: | Oct. 4
|
Agent: | CIBC Capital Markets
|
Fees: | 1.2%
|
Cusip: | 13607XC39
|
|
|
© 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.