Canadian Imperial Bank of Commerce’s USD700 million limited recourse capital notes offering

A&O Shearman represented the underwriters in connection with Canadian Imperial Bank of Commerce’s (CIBC) public offering of USD700m aggregate principal amount of its 6.500% Fixed Rate Reset Limited Recourse Capital Notes Series 9 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) and concurrent issuance of 700,000 Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 64 (Non-Viability Contingent Capital (NVCC)). The notes will constitute Additional Tier 1 capital of CIBC for regulatory purposes.