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A&O Shearman advises on Canadian Imperial Bank of Commerce’s USD500 million Limited Recourse Capital

A&O Shearman advises on Canadian Imperial Bank of Commerce’s USD500 Million Limited Recourse Capital
Published Date
Jul 16 2026
Related people
Image of Ryan Robski
Ryan RobskiPartner, Toronto
Youssef AzizAssociate, Toronto
Image of Jahanvi Pandit
Jahanvi PanditAssociate, Toronto
Melani VilenchikLaw clerk, Toronto
Image of Jack L. Heinberg
Jack L. HeinbergPartner, New York
Image of Taylor Pugliese
Taylor PuglieseCounsel, New York

A&O Shearman represented the underwriters in connection with Canadian Imperial Bank of Commerce’s (CIBC) public offering of USD500m aggregate principal amount of its 6.750% Fixed Rate Reset Limited Recourse Capital Notes Series 10 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) and concurrent issuance of 500,000 Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 65 (Non-Viability Contingent Capital (NVCC)).

The notes will constitute Additional Tier 1 capital of CIBC for regulatory purposes.

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients, and locations across Canada, in the United States and around the world. 

The A&O Shearman team was led by U.S. capital markets partner Ryan Robski and associates Youssef Aziz and Jahanvi Pandit, and law clerk Melani Vilenchik. Additional support was provided by tax partner Jack Heinberg, and associate Taylor Pugliese.

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