By William Gullotti
Buffalo, N.Y., May 16 – Canadian Imperial Bank of Commerce priced $6 million of floating rate notes due May 16, 2025 linked to the two-year U.S. Dollar SOFR ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be equal to the two-year ICE rate, subject to a floor of 2.95% and reset quarterly. Interest will also be paid quarterly.
The payout at maturity will be par.
CIBC World Markets Corp. is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Floating rate notes
|
| Underlying rate: | Two-year U.S. Dollar SOFR ICE swap rate
|
| Amount: | $6 million
|
| Maturity: | May 16, 2025
|
| Coupon: | Two-year dollar SOFR ICE rate, subject to floor of 2.95%, reset quarterly; payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Strike date: | May 9
|
| Pricing date: | May 12
|
| Settlement date: | May 16
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 0.45%
|
| Cusip: | 13607X7C5
|
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