Ms. Alice Dunning reports

CIBC TO ISSUE NVCC SUBORDINATED DEBENTURES

Canadian Imperial Bank of Commerce has arranged a domestic public offering of $1-billion of 2.01 per cent debentures due July 21, 2030 (non-viability contingent capital (NVCC)) (subordinated indebtedness). The debentures will be issued in Canada and sold through a dealer syndicate led by CIBC Capital Markets.

The debentures will bear interest at a fixed rate of 2.01 per cent per year (paid semi-annually) until July 21, 2025, and at the three-month Canadian-dollar bankers' acceptance rate plus 1.28 per cent per year (paid quarterly) thereafter until their maturity on July 21, 2030. The expected closing date is July 21, 2020.

CIBC may, at its option, with the prior approval of the Office of the Superintendent of Financial Institutions of Canada, redeem the debentures on or after July 21, 2025, at par, together with accrued and unpaid interest, in whole at any time or in part from time to time, on not less than 30 days and not more than 60 days prior notice to registered holders of the debentures.

The net proceeds from this transaction will be used for general purposes of CIBC.

About Canadian Imperial Bank of Commerce

CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across personal and business banking, commercial banking and wealth management, and capital markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world.