CIBC plans to price fixed-rate, floating-rate notes in three parts; price talk emerges

By Devika Patel and Cristal Cody

Knoxville, Tenn., June 15 – Canadian Imperial Bank of Commerce plans to offer dollar-denominated senior notes in three tranches, according to a prospectus filed with the Securities and Exchange Commission.

The notes will be sold in two fixed-rate tranches and one floating-rate tranche.

The floaters are non-callable; the fixed-rate notes feature a make-whole call and then a par call.

More specifically, the floaters due June 22, 2023 will be offered at SOFR plus a spread, according to a market source.

The fixed-rate notes due June 22, 2023 are talked with a yield spread in the 50 basis points area over Treasuries, and the fixed-rate notes due June 22, 2026 are talked in the 70 bps area over Treasuries.

BofA Securities Inc., Barclays, CIBC World Markets Corp., Deutsche Bank Securities Inc. and Wells Fargo Securities LLC are the bookrunners.

Proceeds will be used for general corporate purposes.

CIBC is a Toronto-based diversified financial institution.

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