New Issue: CIBC prices $1.5 billion fixed- and floating-rate notes due 2019

By Cristal Cody

Eureka Springs, Ark., Aug. 30 – Canadian Imperial Bank of Commerce priced $1.5 billion of three-year senior notes (Aa3/A+/AA-) in two tranches on Monday, according to an FWP filing with the Securities and Exchange Commission.

The bank sold $1 billion of 1.6% three-year notes at 99.982 to yield 1.606%, or 70 basis points over Treasuries.

A $500 million tranche of three-year floating-rate notes priced at par with a coupon of Libor plus 52 bps.

Barclays, CIBC World Markets Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be added to the bank’s funds and used for general corporate purposes.

The diversified financial institution is based in Toronto.

Issuer:	Canadian Imperial Bank of Commerce
Amount:	$1.5 billion
Description:	Senior notes
Bookrunners:	Barclays, CIBC World Markets Corp., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Wells Fargo Securities LLC
Co-managers:	BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., BofA Merrill Lynch, Mizuho Securities USA Inc., UBS Securities LLC
Trade date:	Aug. 29
Settlement date:	Sept. 6
Ratings:	Moody’s: Aa3
	S&P: A+
	Fitch: AA-
Distribution:	SEC registered
Three-year notes
Amount:	$1 billion
Maturity:	Sept. 6, 2019
Coupon:	1.6%
Price:	99.982
Yield:	1.606%
Spread:	Treasuries plus 70 bps
Three-year floaters
Amount:	$500 million
Maturity:	Sept. 6, 2019
Coupon:	Libor plus 52 bps
Price:	Par
Yield:	Libor plus 52 bps

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