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FIGCovered Bonds

CIBC issued first sterling benchmark

Canadian Imperial Bank of Commerce (CIBC) became the third issuer to price a sterling-denominated floating rate covered bond this week, launching its inaugural transaction in the UK currency on Wednesday. The Canadian issuer matched the spread achieved by Barclays, which priced a deal on Monday, and in greater size and with a slightly longer duration than Scotiabank, which tapped a deal on Tuesday.

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