CIBC nails fair value on sterling debut despite FIG supply boom

By Tyler Davies
18 Sep 2019

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, HSBC and NatWest Markets to tighten the pricing from initial thoughts in the 135bp ...

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