Bond CBIC 0% ( US13608K4013 ) in USD

Issuer	CBIC
Market price	9.34 % ⇌
Country	Canada
ISIN code	US13608K4013 ( in USD )
Interest rate	0%
Maturity	17/10/2025
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Minimal amount	10 USD
Total amount	16 973 460 USD
Cusip	13608K401
Standard & Poor's ( S&P ) rating	BBB+ ( Lower medium grade - Investment-grade )
Moody's rating	Baa1 ( Lower medium grade - Investment-grade )
Detailed description	CIBC is a leading North American financial institution offering a wide range of financial products and services to personal and business clients, including banking, wealth management, and capital markets. An in-depth analysis focuses on a specific debt instrument, a bond issued by CIBC (Canadian Imperial Bank of Commerce), one of Canada's premier financial institutions and a key player among its 'Big Five' banks, renowned for its comprehensive array of banking, wealth management, and capital markets services across North America and internationally. This particular bond, bearing the ISIN US13608K4013 and CUSIP 13608K401, originates from Canada but is denominated in United States Dollars, catering to a diverse investor landscape. Notably, the instrument carries a 0% interest rate, positioning it as a zero-coupon bond where investor returns are realized through capital appreciation at maturity rather than periodic coupon payments; its current market yield is quoted at 9.34%. With a maturity date set for October 17, 2025, the total issue size stands at 16,973,460 units, and the minimum purchase size for investors is 10 units. While a payment frequency of 2 is indicated, this detail primarily applies to coupon-bearing instruments, and does not signify regular disbursements for this 0% interest bond. Providing an assessment of its credit quality, the bond holds a 'BBB+' rating from Standard & Poor's and a 'Baa1' rating from Moody's, classifying it within the lower investment-grade spectrum, signaling a moderate level of credit risk as perceived by these major rating agencies.