By Cristal Cody
Prospect News, March 11 - The Canadian Imperial Bank of Commerce sold A$700 million 6.25% kangaroo senior bonds due March 22, 2016 at 99.619 to yield 6.34% on Friday, a source said.
The bonds (Aaa/AAA/AAA) priced at a spread of 109 basis points over the Australian government benchmark bond.
The bonds are guaranteed by CIBC Covered Bond Guarantor LP.
Commonwealth Bank of Australia, HSBC Capital (Canada) Inc. and UBS Investment Bank were the lead managers. CIBC World Markets Inc. was a co-manager.
The Canadian Imperial Bank of Commerce is a Toronto-based financial institution.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Guarantor: | CIBC Covered Bond Guarantor LP
|
| Amount: | A$700 million
|
| Maturity: | March 22, 2016
|
| Securities: | Senior bonds
|
| Bookrunners: | Commonwealth Bank of Australia, HSBC Capital (Canada) Inc., UBS Investment Bank
|
| Co-manager: | CIBC World Markets Inc.
|
| Coupon: | 6.25%
|
| Price: | 99.619
|
| Yield: | 6.34%
|
| Spread: | 109 bps over Australian government benchmark bond
|
| Pricing date: | March 10
|
| Settlement date: | March 22
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Fitch: AAA
|
| Distribution: | Australia
|
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