CIBC reopens covered Kanga mart with largest deal

CIBC_Bank_PA_230x150_290419
By Bill Thornhill
25 Jul 2019

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 ANZHSBCNational Australia BankWestpac and CIBC.

“CIBC has ...

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