Bond Canadian Imperial Bank 0% ( US78016EZY66 ) in USD

Issuer	Canadian Imperial Bank
Market price	100.003 % ▼
Country	Canada
ISIN code	US78016EZY66 ( in USD )
Interest rate	0%
Maturity	07/10/2024 - Bond has expired
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Minimal amount	2 000 USD
Total amount	500 000 000 USD
Cusip	78016EZY6
Standard & Poor's ( S&P ) rating	A ( Upper medium grade - Investment-grade )
Moody's rating	A1 ( Upper medium grade - Investment-grade )
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. This financial article details the specifics of a bond issued by Royal Bank of Canada (RBC), a leading global financial institution headquartered in Canada, recognized for its extensive services in banking, wealth management, and capital markets. The instrument, identified by ISIN US78016EZY66 and CUSIP 78016EZY6, was denominated in USD and had an initial total issue size of 500,000,000 units, with a minimum purchase size set at 2,000 units. Notably, the bond carried a 0% interest rate, implying it was structured as a zero-coupon instrument where the return to investors was realized through the difference between its purchase price and redemption value. Despite a reported payment frequency of two, which typically indicates semi-annual payments, the zero-coupon nature meant principal repayment was the primary event. Prior to its maturity, the bond's market price was recorded at 100.003% of par. The bond's creditworthiness was affirmed by robust ratings from major agencies, with Standard & Poor's assigning an 'A' rating and Moody's providing an 'A1' rating, reflecting RBC's strong financial standing. The instrument was structured to mature on October 7, 2024, and has, as of that date, successfully been redeemed, signifying the full repayment of principal to its bondholders.