Canadian Imperial Bank of Commerce did not have to pay any premium to investors on Wednesday to launch its first fixed rate senior deal in the sterling market, which has coped well with a mass of supply in recent days.
The Canadian bank raised £300m of six year senior debt at a spread of 130bp over Gilts.
Demand peaked at £350m and was enough to allow lead managers CIBC, Credit Suisse
and NatWest Markets
to tighten the pricing from initial thoughts in the 135bp