CIBC prices flat in covereds, as Laurentian enters

Canada FA 230
By Bill Thornhill
22 Apr 2021

Canadian Imperial Bank of Commerce returned to the euro covered bond market for its first deal since March 2020, issuing a highly subscribed €1bn eight year flat to fair value this week. At the same time Laurentian Bank said that its programme had received regulatory approval.

CIBC mandated leads and opened order books for a euro benchmark due April 2029 with initial guidance of 9bp area over mid-swaps.

After an hour orders exceeded €1.5bn and after two hours, when unreconciled demand peaked at €2.7bn, the spread was set at 5bp over, where the ...

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