Canadian Imperial Bank of Commerce issued its second Australian dollar deal of the year on Thursday. The senior unsecured short-term debt is not subject to Canadian bail-in regulation.
The A$400m ($280m) Kangaroo was priced at 41bp over Australian asset swaps. The one year trade was priced at par. CIBC appointed National Australia Bank, Westpac and HSBC as bookrunners for the deal.
CIBC’s need to fund a local corporate loan book drove the decision