CIBC reopens covered Kanga mart with largest deal
Canadian Imperial Bank of Commerce reopened the Australian dollar covered bond market on Thursday with one of the largest deals from an overseas issuer at a cost that matched that of its dollar funding.
CIBC issued a A$1bn three year floating rate covered bond at 50bp over BBSW, the local three month benchmark rate, attracting demand of A$1.14bn. Order books were opened on Wednesday with initial guidance of 52bp over through joint lead managers ANZ, HSBC, National Australia Bank, Westpac and CIBC.
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