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Deal Details

C/PIndustryStatusTicker(s)Issuer(s)Size(m)TranchesRegionDate
IGC
FNCL
PRCD
CM
Canadian Imperial Bank of Commerce (CIBC)€600
1USOA
Oct 22, 2026
currency
EUR
size (m)
600.000
maturity
Oct 29, 2032
type
Fixed to Floating
tenor
6.000
call
5.00
registration
Reg S Only
benchmark
Swaps
ranking
Senior Bail-In
moody's
A2
s&p
A-
fitch
AA-
size description
Expected
re-open/tap
No
ipt
MS+120 area
ipt-pxd
-20
guidance
-
spread
100
coupon
4.375%
spread set
-
price
99.69200
yield
4.445%
book size (m)
725
peak book (m)
1,100
x-covered
1.21
book attrition
-34.09%
nic
19
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
book size (m)
725
peak book (m)
1,100
x-covered
1.21
book attrition
-34.09%
nic
19
billing & delivering
active leads
-
joint leads
passive leads
-
co-managers
-
coordinating managers
-
Tranche Comments
Book size: 725; Redemption: 2031-10-29; Registration: Reg S Only; Comments: OBL 2.9% 10/08/31 #194 (98.744 bid) +127.1bps | HR 98%. LEI: 2IGI19DL77OX0HC3ZE78;
Deal Comments
This deal was upsized from EUR500m to EUR600m
Use of Proceeds
The net proceeds from the issue of the Notes are intended, as of the Issue Date, to be applied by the Issuer to the financing and/or refinancing, in whole or in part, of loans, investments or internal or external projects that fall within the scope of the Eligibility Criteria as outlined in the section of the Base Prospectus titled “Use of Proceeds – Green Bonds, Social Bond or Sustainability Bonds" and such Notes will therefore be Green Bonds
Relative Value

Fixed to Floating Green

NC5yr (Oct 2031) @ MS+120a

Implied Spread for fresh NC5yr @ MS+81
Priced at MS+100
NIC of +19

COMPS

Issuer

Size (€mm)

Ratings (M/S/F)

Issue date

Maturity

Call

Maturity (yrs)

I+ (bid)

ESG

BMO

750

A2 / A- / AA-

Jun-26

Oct-30

Oct-29

3

59

 

RY

750

A1 / A / AA-

Jun-25

Sep-31

Sep-30

3.9

60

Green

RY

750

A1 / A / AA-

Jan-26

Feb-32

Feb-31

4.3

74

 

BMO

500

A2 / A- / AA-

Mar-26

Mar-32

Mar-31

4.4

77

Green

RY

750

A1 / A / AA-

Jun-26

Aug-34

Aug-33

6.8

92