By Wendy Van Sickle
Columbus, Ohio, Oct. 9 – Canadian Imperial Bank of Commerce priced $10.5 million of fixed to floating rate notes due Oct. 6, 2026 linked to the five-year U.S. Dollar SOFR ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 7% per year, paid quarterly, for the first six months. After that, the interest rate will convert to the five-year ICE rate plus 100 basis points, subject to a floor of 0% and reset quarterly.
The payout at maturity will be par.
CIBC World Markets Corp. is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Fixed to floating rate notes
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| Underlying rate: | five-year U.S. Dollar SOFR ICE swap rate
|
| Amount: | $10.5 million
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| Maturity: | Oct. 6, 2026
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| Coupon: | 7% for first six months; five-year dollar SOFR ICE rate plus 100 bps, subject to floor of 0%, reset quarterly; payable quarterly
|
| Price: | Par
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| Payout at maturity: | Par
|
| Pricing date: | Oct. 4
|
| Settlement date: | Oct. 6
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 0.39%
|
| Cusip: | 13607XNG8
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