Canadian Imperial Bank of Commerce (CIBC) has priced its landmark U.S. dollar-denominated covered bond with initial guidance at about 30-32 basis points over mid-swaps, according to a story Jan. 26 from Canada’s Financial Post. It is estimated that CIBC’s funding cost for the bond — which has a three-year maturity — will be about 2%.
This will be the first time in years that covered bonds have been issued in U.S. dollars from any source — foreign or domestic. READ MORE>>
http://www.coveredbondinvestor.com/news/cibc-prices-usd-2-billion-covered-bond