CIBC Australia launches one-year domestic benchmark FRN deal

On 1 May, Canadian Imperial Bank of Commerce Australian branch (CIBC Australia) (A+/Aa2/AA-) launched a benchmark, one-year, senior-unsecured, floating-rate note (FRN) deal. The forthcoming transaction has indicative price guidance in the area of 41 basis points over three-month bank bills. HSBC, National Australian Bank and Westpac Institutional Bank are joint lead managers.