Commentary & Deal Flow

• With the US markets closed, & an ostensibly empty pipeline, today was always going to be a quiet session. As it was only one IG borrower stepped forward, with CIBC printing a short dated senior bail-in floater. Supply totals were driven by that one deal with European € IG primary supply totalling €1.35bn for the day - 1 issuer / 1 tranche (1 x FIG).
• A breakdown of today’s primary supply is as follows.
• • Corporate
  • • Total IG: €0
    • Avg. tranche size €0
    • Avg. IPT to Pricing NA
    • Avg. cover NA
  • FIG
  • • Total IG: €1.35bn
    • Avg. tranche size €1.35m
    • Avg. IPT to Pricing -25bps (unsecured)
    • Avg. IPT to Pricing NA (covered)
    • Avg. cover  X
  • SSA
  • • Total IG: €0
    • Avg. tranche size €0
    • Avg. IPT to Pricing NA
    • Avg. cover NA

• Both Sterling IG & Swiss Franc markets were quiet today with zero new issues.
• The pipeline remains the same as yesterday, Toyota dual-tranche is likely due Monday, subject to market conditions, while the Saxony-Anhalt trade remains scheduled for the week of the 29th of June.
• Pipeline:
• • 1 s Corp (dual-tranche)
  • 1 x € SSA

Euro IG (today)

FIG

• Canadian Imperial Bank of Commerce (exp. Issue ratings A2 / A- / AA- by Moody’s, S&P & Fitch) announced a short dated 2 year, senior unsecured, benchmark FRN with IPTs of 3 month Euribor +65 area. Books were first called at over €2bn, rising to over €2.3bn (pre-rec). Final spread came in 25bps tighter at 3 mth Eur +40. The deal sized at €1.35bn offering investors a NIC of -1bp. Final books, good at re-offer, of over €1.5bn.

Week-to-date volumes:

Year-to-date volumes:

Sterling IG (today)

• No Supply

Week-to-date volumes:

Year-to-date volumes:

Swiss Franc IG (today)

• No Supply

Week-to-date volumes:

US$ Reg S (today)

• No Supply

Pending Deals & Mandates 

Euro (€)

• Thursday, 18th May: Toyota Motor Corporation (exp. Issue ratings of A+ / A1 by S&P & Moody’s), mandated JP Morgan, BofA Securities, Morgan Stanley, Barclays, & BNP Paribas to arrange a series of fixed income investor conference calls in Europe commencing on 18th June, 2026. JP Morgan will be coordinating logistics. An inaugural transaction of Reg. S Registered, fixed rate, senior unsecured € bonds (sustainability bonds) with maturity of short 4 year & 8 year, each €500m will follow, subject to market conditions.

• Thursday, 28th May: The German State of Saxony-Anhalt (Aa1 / AAA / AAA), mandated (27th May) DekaBank as the sole lead manager for its inaugural 2-year blockchain-based digital bond issuance (crypto security under German eWpG). On Friday the 12th of June, an update was provided, with the issuer targeting an expected €100m. The lead manager made itself available for meetings/calls on request. The issuer is targeting the week of 29th June, subject to market conditions.

Transaction Details 

PRICED: Canadian Imperial Bank of Commerce €1.35bn 2yr Sr Unsec FRN; 3mE+40bp

IGC European Market: Deal Flow - General

Reoffer: 2yr: 3mE+40bp / 100
Final Books: €1.5bn+. Peak book in excess of €2.3bn (pre-rec)

Launched: 2yr: €1.35bn @ 3mE+40bp - Books above €1.6bn (pre-rec) at reoffer level
Spread set at: 2yr: 3mE+40bp - Books in excess of €2.3bn (pre-rec)
Book Update: Books over €2bn
IPTs: 2yr: 3mE+65a

• Issuer: Canadian Imperial Bank of Commerce (Ticker: CM)
• LEI: 2IGI19DL77OX0HC3ZE78
• Expected issue ratings: A2 / A- / AA- (Moody's / S&P / Fitch)
• Status of Notes: Senior Unsecured Bail-inable
• Format: Regulation S, EUR MTN, Bearer, New Global Note
• Size: €1.35bn
• Tenor: 2-year
• Trade Date: 19-Jun-26
• Settlement Date: 25-Jun-26 (T+4)
• Maturity Date: 23-Jun-28
• Reoffer: 3mE+40 bps / 100.000
• Coupon: FRN, Quarterly, Actual / 360, adjusted, short first coupon
• Governing Law: Province of Ontario and Canada
• Business days: London, New York, Toronto, T2
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Denomination: €100k and integral multiples of €1k in excess thereof up to (and including) €199k
• Clearing: Euroclear / Clearstream, Luxembourg
• Joint Lead Managers: CIBC Capital Markets (B&D), ING, Nomura, Société Générale Corporate & Investment Banking, UBS Investment Bank
• ISIN / Common Code: XS3420476452 / 342047645
• Target Market: Professional Clients and Eligible Counterparties (EU MiFID and UK MiFIR Product Governance) – all distribution channels / No EEA PRIIPs KID or UK CCI disclosure document required as not available to EU or UK retail investors.
• Documentation: Under the Issuer's USD 40,000,000,000 Note Issuance Programme
• Bail-inable Notes: The Notes are bail-inable Notes and subject to conversion in whole or in part—by means of a transaction or series of transactions and in one or more steps—into common shares of the Bank or any of its affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act (the “CDIC Act”) and to variation or extinguishment in consequence, and subject to the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to the Notes.
  The Notes do not constitute deposits that are insured under the CDIC Act. For a description of the Canadian bank resolution powers and related risk factors attaching to investment in the Notes, see information under the headings “Description of Notes—Special Provisions Related to Bail-in Regime” and “Risk Factors” in the Prospectus.
• Selling Restrictions: Regulation S, Category 2, TEFRA D rules apply, Not Rule 144a eligible and as otherwise described in the Prospectus. No sales to retail in EEA or UK. Singapore Sales to Institutional Investors and Accredited Investors only
• Advertisement: The Base Prospectus dated 25-Jun-25 (as supplemented), is available, and the Final Terms, when published, will be available via: https://www.cibc.com/en/about-cibc/investor-relations/debt-information/note-issuance-programme.html
• Stabilization: FCA/ICMA
• Timing: TOE 14:50 UKT / 15:50 CET | FTT 15:05 UKT / 16:05 CET

Senior Unsecured

2yr (June 2028) @ 3mth E +65 area

Implied Spread for fresh 3yr @ 3mth E +41

Priced at 3mth E +40
NIC of -1

• Details correct at time of posting