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CREDIT SUPPLY: CIBC: Sized Small, Cover <2x But Got Spread Tight To Our FV

CREDIT SUPPLY

CIBC (CM: Aa2/A+/AA-) final terms MS+90bp and EUR500m, we had FV at MS+85-90bp so only a very small NIC on our figures. Cover <2x.

•    IPT was MS+110-115bp, books are back to EUR850m, having been above EUR1.35bn for a benchmark size issue. So clearly some give-up in size to get the spread down, we feel.

"FINAL TERMS: CIBC EU500m 5Y MS+90" - BBG
 

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