Published on 9/19/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $5.56 million fixed to floating rate notes with 7% initial rate
By William Gullotti
Buffalo, N.Y., Sept. 19 – Canadian Imperial Bank of Commerce priced $5.56 million of fixed to floating rate notes due Sept. 18, 2026 linked to the one-year U.S. Dollar SOFR ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 7% per year, paid quarterly, for the first year. After that, the interest rate will convert to the one-year ICE rate plus 75 basis points, subject to a floor of 0% and reset quarterly.
The payout at maturity will be par.
CIBC World Markets Corp. is the underwriter.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Fixed to floating rate notes
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Underlying rate: | One-year U.S. Dollar SOFR ICE swap rate
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Amount: | $5,555,000
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Maturity: | Sept. 18, 2026
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Coupon: | 7% for first year; one-year dollar SOFR ICE rate plus 75 bps, subject to floor of 0%, reset quarterly; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Sept. 14
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Settlement date: | Sept. 18
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Agent: | CIBC World Markets Corp.
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Fees: | 0.365%
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Cusip: | 13607XN78
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