CIBC Australia launches one-year FRN transaction

On 21 January, Canadian Imperial Bank of Commerce Australia Branch (CIBC Australia) (A+/Aa2/AA-) launched a minimum A$200 million (US$137.5 million), one-year, senior-unsecured, floating-rate note (FRN) transaction. The forthcoming deal, which is expected to price on the day of launch, is being marketed at 40 basis points area over three-month bank bills. ANZ, HSBC and National Australia Bank are joint lead managers.