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Canadian Imperial Bank of Commerce's USD750 million limited recourse capital notes offering

Canadian Imperial Bank of Commerce's USD750 million limited recourse capital notes offering
Published Date
Jul 15 2025
Our Capital Markets team represented the underwriters in connection with Canadian Imperial Bank of Commerce’s (CIBC) public offering of USD750m aggregate principal amount of its 7.000% Fixed Rate Reset Limited Recourse Capital Notes Series 7 (Non-Viability Contingent Capital (NVCC)) (subordinated indebtedness) and concurrent issuance of 750,000 Non-Cumulative Five-Year Fixed Rate Reset Class A Preferred Shares Series 62 (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 14 million personal banking, business, public sector and institutional clients, and locations across Canada, in the United States and around the world.

Our team was led by U.S. Capital Markets partner Ryan Robski, associate Nicole Bennewies and law clerk Jahanvi Pandit, and was supported by Financial Regulatory partner Jennifer Morton, Tax partner Jack Heinberg, counsel Matthew Behrens, and associate Taylor Pugliese.

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