Rare CIBC wins strong covered welcome

tight pricing
By Bill Thornhill
03 Jul 2019

Canadian Imperial Bank of Commerce (CIBC) issued its first euro covered bond in well over a year on Wednesday and was able to reap the benefit of its rare appearance by pricing a €1bn eight year flat to its curve.

Joint leads ABN Amro, BNP Paribas, CIBC, DZ Bank and HSBC opened order books on Wednesday, having been mandated on Tuesday, with initial guidance of 13bp over mid-swaps.

The bond attracted demand of €1bn in an hour, rising to €1.9bn in 2.5 hours when the ...

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