CIBC sells C$1 bln 5-yr notes in reopening-term sheet

NEW YORK, March 1 Tue Mar 1, 2011 2:54pm EST

NEW YORK, March 1 (Reuters) - Canadian Imperial Bank of Commerce (CM.TO) on Tuesday sold C$1 billion ($1.02 billion) in a reopening of an existing five-year senior deposit note issue, according to a term sheet seen by Reuters.

The 3.40 percent notes, due on Jan. 14, 2016, were priced at 99.797 to yield 3.445 percent, or 82 basis points over the Canadian government benchmark according to the term sheet.

The total amount outstanding is now C$2 billion ($2.04 billion).

The lead manager on the sale was the investment dealer arm of Canadian Imperial Bank of Commerce. ($1=C$0.98) (Reporting by Caryn Trokie)

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