Published on 8/29/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $15 million floating-rate notes due 2025 on SOFR ICE swap rate
Chicago, Aug. 29 – Canadian Imperial Bank of Commerce priced $15 million of floating-rate notes due Aug. 29, 2024 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 swap rate plus 85 basis points, subject to a floor of 0% per annum. Interest will be payable quarterly.
CIBC Capital Markets is the underwriter.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Floating-rate notes
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Underlying index: | Two-year U.S. dollar SOFR ICE swap rate
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Amount: | $15 million
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Maturity: | Aug. 29, 2024
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Coupon: | Swap rate plus 85 bps, subject to a floor of 0% per annum; payable quarterly
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Price: | Par
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Payout at maturity: | Par
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Pricing date: | Aug. 25
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Settlement date: | Aug. 29
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Agent: | CIBC Capital Markets
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Fees: | 0.4%
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Cusip: | 13607XBF3
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