By Wendy Van Sickle
Columbus, Ohio, June 30 – Canadian Imperial Bank of Commerce priced $1 million of fixed-to-floating-rate notes due June 27, 2033, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 5.5% for the first year, then converts to the two-year U.S. dollar SOFR ICE swap rate plus 115 basis points, subject to a floor of 0%. Interest is payable monthly.
The payout at maturity will be par.
CIBC Capital Markets is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Fixed-to-floating-rate notes
|
| Amount: | $1 million
|
| Maturity: | June 27, 2033
|
| Coupon: | 5.5% for first year, then two-year U.S. dollar SOFR ICE swap rate plus 115 bps, subject to a floor of 0%; payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | June 23
|
| Settlement date: | June 27
|
| Agent: | CIBC Capital Markets
|
| Fees: | 1.8%
|
| Cusip: | 13607XK22
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
