Bond Canadian Imperial Bank 0% ( US78015KAZ75 ) in USD

Issuer Canadian Imperial Bank
Market price 120.75 %  ⇌ 
Country  Canada
ISIN code  US78015KAZ75 ( in USD )
Interest rate 0%
Maturity 28/11/2022 - Bond has expired



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Minimal amount 1 000 USD
Total amount 890 000 USD
Cusip 78015KAZ7
Detailed description The Royal Bank of Canada (RBC) is a Canadian multinational financial services company offering personal and commercial banking, wealth management, insurance, and investment banking services globally.

An informative review of a recently matured debt instrument reveals key details regarding a bond issued by the Royal Bank of Canada. This specific obligation, identified by the ISIN US78015KAZ75 and CUSIP US78015KAZ7, originated from Canada and was denominated in United States Dollars (USD). The issuer, Royal Bank of Canada (RBC), stands as a preeminent Canadian multinational financial services institution, recognized globally as one of North America's largest banks by market capitalization. Its robust credit profile and diversified operations across a wide spectrum of financial services, including personal and commercial banking, wealth management, insurance, investor services, and capital markets, underpin its consistent presence and stability in international debt markets, where it regularly issues securities to support its expansive operations and strategic growth initiatives. This particular bond, with a total issue size of 890,000 USD and a minimum purchase threshold of 1,000 USD, was characterized as a zero-coupon instrument, meaning it carried a 0% interest rate and, consequently, did not provide periodic interest payments to bondholders throughout its tenure. Instead, investor returns were typically derived from the difference between the bond's discounted purchase price and its face value, repaid at par upon maturity. Despite a generic data field indicating a 'payment frequency' of 2, this did not translate to semi-annual coupon distributions given its zero-coupon structure. During its trading life, the bond reached a reported market price of 120.75%. While a zero-coupon bond is ultimately redeemed at 100% of its face value, this trading level prior to maturity would reflect specific market dynamics, such as strong demand for RBC's credit, prevailing interest rate environments influencing discount rates, or potential pre-maturity premium valuation by market participants. The bond officially reached its maturity date on November 28, 2022, at which point it was fully repaid to all bondholders, successfully concluding its lifecycle and affirming Royal Bank of Canada's strong commitment to its financial obligations.