The return of Canadian Imperial Bank of Commerce (CIBC) (A+/Aa2, with covered bond programme ratings of AAA/Aaa/AAA) to the Kangaroo covered bond market has extended the duration of the asset class in Australia, with the bank pricing a new A$700 million (US$701.8 million) five-year transaction on March 11. The two previous post-crisis Kangaroo covered bonds have both been three-year deals.