Canadian Imperial Bank of Commerce (CIBC) (A+/Aa2, with covered bond programme ratings of AAA/Aaa/AAA) priced a new Kangaroo covered bond on July 21. The deal is CIBC's third Australian dollar covered bond, following the issuer's debut A$750 million (US$806.8 million) three-year transaction in October 2010 and, more recently, a A$700 million five-year issue in March this year. The latter was the first five-year covered bond transaction to price in the Australian market post-crisis.