On April 14, 2023, CIBC announced the issuance of $750 million in 5.35% subordinated NVCC debentures due April 20, 2033, which closed on April 20, 2023. Priced at $998.87 per $1,000 principal, the debentures yield 5.376% until April 20, 2028, after which they will bear interest at Daily Compounded CORRA plus 2.23%, payable quarterly. The debentures qualify as Tier 2 Capital under OSFI regulations and are redeemable at par on or after the five-year reset date, subject to regulatory approval.

The offering was led by CIBC World Markets Inc., with BMO Nesbitt Burns Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., iA Private Wealth Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., Manulife Securities Incorporated, Merrill Lynch Canada Inc., Morgan Stanley Canada Limited, and Wells Fargo Securities Canada, Ltd. acting as agents. The total agents’ fee was $2.625 million (0.35%), bringing net proceeds to $746.53 million before expenses. Blake, Cassels & Graydon LLP advised CIBC, while Torys LLP acted for the agents. The debentures, issued under a trust indenture with BNY Trust Company of Canada as trustee, are not expected to be listed on any exchange.