On June 19, 2024, the Canadian Imperial Bank of Commerce (CIBC) announced a CAD 500 million issuance of Limited Recourse Capital Notes Series 4, with a fixed interest rate of 6.987% per annum and a maturity date of July 28, 2084. The issuance includes 500,000 Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 58, each priced at CAD 1,000, to support the limited recourse structure. Closing occurred on June 25, 2024. This capital raise aligns with CIBC’s objective to reinforce its Tier 1 capital base, meeting regulatory capital adequacy standards. Net proceeds of approximately CAD 494.55 million will be allocated for general corporate purposes, which may include redeeming other outstanding capital securities.

The issuance was managed on a best-efforts basis by CIBC World Markets Inc., RBC Dominion Securities Inc., National Bank Financial Inc., Desjardins Securities Inc., BMO Nesbitt Burns Inc., iA Private Wealth Inc., Laurentian Bank Securities Inc., Manulife Wealth Inc., Merrill Lynch Canada Inc., Morgan Stanley Canada Limited, Scotia Capital Inc., TD Securities Inc., and Wells Fargo Securities Canada, Ltd. Legal counsel was provided by Torys LLP for CIBC and McCarthy Tétrault LLP for the syndicate of agents.