On March 18, 2025, Canadian Imperial Bank of Commerce (CIBC) announced a C$150 million issuance of Non-Cumulative 5-Year Fixed Rate Reset Class A Preferred Shares Series 61 (NVCC). The shares are priced at C$1,000 per share, with an initial 6.369% fixed dividend rate until April 28, 2030, after which the rate resets every five years. The offering qualifies as Additional Tier 1 Capital and is subject to Non-Viability Contingent Capital (NVCC) Automatic Conversion provisions.

The joint lead agents for the offering are 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. Blake, Cassels & Graydon LLP is serving as legal counsel to CIBC, while McCarthy Tétrault LLP is advising the agents.

The Toronto Stock Exchange (TSX) has conditionally approved the listing of common shares issuable upon conversion of the Series 61 Preferred Shares in the event of an NVCC Automatic Conversion. CIBC has also applied for listing on the New York Stock Exchange (NYSE).

The net proceeds will be used for general corporate purposes, including potential redemption of outstanding capital securities or repayment of liabilities. The offering is expected to close on March 24, 2025.