trending Market Intelligence /marketintelligence/en/news-insights/trending/1Ob4sOAOqBeoRxXlaiLw0A2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

CIBC prices offering of notes due 2023

Banking Essentials Newsletter December Edition Part 2

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery


CIBC prices offering of notes due 2023

Canadian Imperial Bank of Commerce has priced an offering of US$1.25 billion of floating-rate senior notes due March 17, 2023.

The notes will bear interest at a rate equal to the compounded secured overnight financing rate, or Sofr, plus 0.800%. CIBC said a compounded average of daily Sofr will be determined for each quarterly interest period in accordance with a specific formula. Interest payments on the notes will be made quarterly in arrears on the second business day following each interest period end date of March 17, June 17, Sept. 17 and Dec. 17 of each year. The notes can be converted, in whole or in part, into common shares of the company.

The settlement date of the offering is Dec. 17.

Deutsche Bank Securities Inc., Citigroup Global Markets Inc. and CIBC World Markets Corp. are joint book-running managers for the offering.