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Canadian Imperial Bank of Commerce completes issue of C$800M NVCC AT1 Limited Recourse Capital Notes, Series 3

Date Closed

June 15, 2022

Lead Office



800.00 Million CAD

On June 15, 2022, Canadian Imperial Bank of Commerce completed an offering of C$800 million aggregate principal amount of 7.150% Limited Recourse Capital Notes, Series 3 ("LRCNs") (Non-Viability Contingent Capital (NVCC).

The LRCNs will bear interest at a rate of 7.150% annually, payable semi-annually, for the initial period ending on, but excluding, July 28, 2027. Thereafter, the interest rate on the LRCNs will reset every five years at a rate equal to the prevailing 5-year Government of Canada Yield plus 4.000%. The LRCNs will mature on July 28, 2082. The net proceeds from this transaction will be used for general banking purposes of CIBC.

McCarthy Tétrault advised the syndicate of agents on the issue, which included CIBC World Markets Inc., as lead agent, with a team led by Andrew Parker and Jo-Anna Brimmer that included Michael Shahinian and Daryna Kutsyna (Business), Gabrielle Richards and Kabir Jamal (Tax).