On March 26, 2025, Canadian Imperial Bank of Commerce (CIBC) issued $1.25 billion aggregate principal amount of 4.15% subordinated debentures due April 2, 2035. The debentures, categorized as Non-Viability Contingent Capital (NVCC), were priced at $998.57 per $1,000 principal amount, resulting in net proceeds of approximately $1.243 billion after deducting agent fees. Interest will be payable semi-annually at 4.15% per annum from the issue date to April 2, 2030. Thereafter, the interest rate will reset to Daily Compounded CORRA plus 1.72%, payable quarterly. The debentures may be redeemed by CIBC at par after April 2, 2030, subject to prior regulatory approval.

The offering was made through a syndicate of agents, led by CIBC World Markets Inc., and included BMO Nesbitt Burns Inc., Scotia Capital Inc., Desjardins Securities Inc., iA Private Wealth Inc., National Bank Financial Inc., RBC Dominion Securities Inc., TD Securities Inc., Laurentian Bank Securities Inc., Manulife Wealth Inc., and Cedar Leaf Capital Inc. The agents received an aggregate fee of $4.375 million.

Legal matters related to the issuance were handled on behalf of CIBC by Blake, Cassels & Graydon LLP and on behalf of the agents by McCarthy Tétrault LLP