CIBC launches new Kangaroo covered bond

Canadian Imperial Bank of Commerce (CIBC) (A+/A1/AA-) launched a minimum A$300 million (US$238.7 million) Kangaroo covered bond on 30 August. The December 2020-maturity deal is expected to be rated Aaa/AAA (Moody’s/Fitch) and will be launched in either or both of fixed- or floating-rate format, with initial price guidance in the area of 55 basis points over swap benchmarks.