On June 19, 2024, Canadian Imperial Bank of Commerce (CIBC) announced a $500 million issuance of 6.987% Limited Recourse Capital Notes Series 4 (NVCC), maturing July 28, 2084. The notes carry a fixed 6.987% interest rate until July 28, 2029, after which it resets every five years at the Government of Canada Yield plus 3.70%. Alongside, CIBC issued 500,000 Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 58 (NVCC) at $1,000 per share, held by a trustee for limited recourse. In a Recourse Event, noteholders receive their proportionate share of these Series 58 shares. The net proceeds of $494.55 million will be used for general corporate purposes, including liability repayment and redeeming outstanding capital securities.

The deal closed on June 25, 2024, with 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. acting as agents. Torys LLP advised CIBC, while McCarthy Tétrault LLP represented the agents.