CIBC returns to dollar covered bonds

cibc
By Bill Thornhill
20 Jul 2017

Canadian Imperial Bank of Commerce issued a $1.75bn five year dollar covered bond on Thursday, its first since 2015 and the third of the same size and tenor from a Canadian bank this year.

Joint leads CIBC, Citi, HSBC, and UBS set initial price thoughts for the July 2022 soft bullet bond at low 50bp area over mid-swaps and priced the $1.75bn deal in line with guidance at 47bp.

The transaction follows $1.75bn of deals issued respectively in January ...

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