Covered bond of the year – CIBC

Covered bond of the year – CIBC

doty-logo

Issuer: Canadian Imperial Bank of Commerce
Date of issue: February 3, 2010
Size of deal: $2 billion
Ratings: AAA (Moody’s/Fitch/S&P/DBRS)
Maturity: February 2013
Nominal coupon: 2%
Price: 99.976
Yield: 2.008%
Spread: 3yr US Treasuries + 66bp

Canadian Imperial Bank of Commerce resurrected the US dollar covered bond market with a $2 billion 2013 issue in February, opening the floodgates to around $28 billion of dollar-denominated covered bond issuance, year-to-date.

CIBC’s offering was then replicated