CIBC Sydney prints A$2 billion dual-tranche covered bond

Friday, 08 July 2022

Issuer name: Canadian Imperial Bank of Commerce Sydney Branch
Issuer rating: A+/AA-
Expected issue rating: Aaa/AAA
Pricing date: 8 July 2022
Settlement date: 15 July 2022
Tenor: three years
Lead managers: Commonwealth Bank of Australia, Canadian Imperial Bank of Commerce, National Australia Bank, Nomura, Westpac Institutional Bank
Total volume: A$2 billion (US$1.36 billion)
Transaction type: covered bond

Volume: A$1.35 billion
Coupon type: FRN
Coupon rate: 3m BBSW +93bp
Issue/re-offer price: par
Margin: 93bp/3m BBSW

Volume: A$650 million
Coupon type: fixed
Coupon rate: 4.4%
Re-offer price: 99.811%
Re-offer yield: 4.4679%
Margin: 93bp/s-q swap