CIBC issues 5.898% NVCC AT1 limited recourse capital notes

On September 29, 2025, Canadian Imperial Bank of Commerce ("CIBC") completed its previously announced domestic public offering of C$450 million of 5.898% limited recourse capital notes Series 8 (non-viability contingent capital ("NVCC")) (subordinated indebtedness) (the "LRCNs"). The LRCNs bear interest at a rate of 5.898% annually, payable semi-annually, for the initial period ending on, but excluding, January 28, 2031. Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing 5-year Government of Canada Yield plus 3.113%. The LRCNs, which were sold through a dealer syndicate led by CIBC Capital Markets, will mature on January 28, 2086.

In connection with the issuance of the LRCNs, CIBC issued non-cumulative 5-year fixed rate reset Class A preferred shares Series 63 (NVCC) (the “Series 63 Shares”) to be held by Computershare Trust Company of Canada as trustee of CIBC LRCN Limited Recourse Trust (the “Limited Recourse Trust”). In case of non-payment of interest on or principal of the LRCNs when due, the recourse of each LRCN holder will be limited to that holder's proportionate share of the Limited Recourse Trust's assets held in respect of the LRCNs, which will consist of Series 63 shares except in limited circumstances.

Net proceeds from this transaction will be used for general corporate purposes, which may include the redemption of outstanding capital securities of CIBC, and/or the repayment of other outstanding liabilities.

Further information can be found on Canada Newswire's website.

CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients.