CIBC Prepares C$400 Million AT1 Debt Sale in Canada (1)

Canadian Imperial Bank of Commerce is readying a C$400 million ($290 million) additional tier 1 debt offering in Canada, according to people familiar with the matter.

The limited-recourse capital notes will probably come to market Monday, and could be sold at around 3.22 percentage points above government benchmarks, the people said, asking not to be identified as they aren’t authorized to speak publicly. The notes, at type of AT1 debt, will mature in a little more than 60 years, with the option for redemption after a little more than five years, the people said. The yield is initially indicated at ...