On March 18, 2025, Canadian Imperial Bank of Commerce (CIBC) issued $450 million in 6.369% Limited Recourse Capital Notes Series 6 (Non-Viability Contingent Capital (NVCC)) as subordinated indebtedness. The notes were priced at $1,000 per $1,000 principal amount and will mature on April 28, 2085. Concurrently, 450,000 Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 60 (NVCC) were issued at $1,000 per share to Computershare Trust Company of Canada as the Limited Recourse Trustee.

The offering was co-led by CIBC World Markets Inc., Desjardins Securities Inc., Scotia Capital Inc., National Bank Financial Inc., BMO Nesbitt Burns Inc., iA Private Wealth Inc., Laurentian Bank Securities Inc., Manulife Wealth Inc., RBC Dominion Securities Inc., TD Securities Inc., and Cedar Leaf Capital Inc.

Legal counsel for CIBC was provided by Torys LLP, while McCarthy Tétrault LLP advised the agents. The closing date for this transaction was March 24, 2025.