By Wendy Van Sickle
Columbus, Ohio, Sept. 19 – Canadian Imperial Bank of Commerce priced $10 million of SOFR to SOFR ICE swap rate floating-rate notes due Sept. 15, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be compounded SOFR plus 120 basis points until March 15, 2028, then it will convert to the two-year U.S. Dollar SOFR ICE swap rate plus 120 bps, subject, in each case, to a minimum interest rate of 0%. Interest is payable quarterly.
The payout at maturity will be par.
CIBC World Markets Corp. is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | SOFR to SOFR ICE swap rate floating-rate notes
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| Amount: | $10 million
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| Maturity: | Sept. 15, 2028
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| Coupon: | Compounded SOFR plus 120 bps until March 15, 2028, then two-year U.S. Dollar SOFR ICE swap plus 120 bps, floor of 0%; payable quarterly
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| Price: | Par
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| Payout at maturity: | Par
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| Pricing date: | Sept. 13
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| Settlement date: | Sept. 15
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| Agent: | CIBC World Markets Corp
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| Fees: | 0.8%
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| Cusip: | 13607XN60
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