CIBC sets initial talk for sale of fixed-, floating-rate senior notes

By Andrea Heisinger

New York, July 15 - The Canadian Imperial Bank of Commerce is expected to price three-year senior notes (Aa3/A+/AA-) in two tranches during Monday's session, according to a market source and an Suppl filing with the Securities and Exchange Commission.

The source said there will be fixed-rate notes with pricing whispered in the high Treasuries plus 70 basis points area and a floating-rate tranche with initial talk in the Libor plus low 60 bps area.

Both tranches will be non-callable.

The bookrunners for the sale are Barclays, CIBC World Markets Corp., Citigroup Global Markets Inc. and Wells Fargo Securities LLC.

Proceeds will be added to the bank's funds for general corporate purposes.

Toronto-based diversified financial institution CIBC was last in the U.S. bond market with a $750 million offering of five-year notes on Jan. 17.

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