Published on 2/7/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $2.75 million floating-rate notes on two-year U.S. dollar SOFR ICE swap rate
By Wendy Van Sickle
Columbus, Ohio, Feb. 7 – Canadian Imperial Bank of Commerce priced $2.75 million of floating-rate notes due Aug. 7, 2024 linked to the performance of the two-year U.S. dollar SOFR ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will accrue at the swap rate plus 95 basis points, with a floor of zero, and is payable quarterly.
The payout at maturity will be par plus accrued interest.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Floating-rate notes
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Underlying rate: | Two-year U.S. dollar SOFR ICE swap rate
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Amount: | $2,752,000
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Maturity: | Aug. 7, 2024
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Coupon: | Underlying rate plus 95 bps, floor of 0%, payable quarterly
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Price: | Par
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Payout at maturity: | Par plus accrued interest
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Pricing date: | Feb. 3
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Settlement date: | Feb. 7
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Agent: | CIBC World Markets Corp.
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Fees: | 0.5%
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Cusip: | 13607XFG7
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