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A&O Shearman advises on Canadian Imperial Bank of Commerce’s inaugural limited recourse capital notes offering for USD500 million

Published Date
Dec 5 2024
A&O Shearman represented the underwriters, led by CIBC World Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC, in connection with the U.S. public offering by Canadian Imperial Bank of Commerce of USD500m 6.950% Fixed Rate Reset Limited Recourse Capital Notes Series 5 and CIBC’s concurrent issuance of 500,000 Cumulative 5-year Fixed Rate Reset Class A Preferred Shares.

This benchmark trade was CIBC’s inaugural SEC-registered offering of Additional Tier 1 securities. The net proceeds from the sale of the notes will be used for general corporate purposes.

CIBC is a leading North American financial institution that provides services to 14 million personal banking, business, public sector and institutional clients in Canada, the U.S. and around the world.

The A&O Shearman team was led by capital markets partner Justin Cooke and capital markets associates David Birch and Nikolaos Chagias, and included tax partner Jack Heinberg, financial services regulatory partner Jennifer Morton, tax associate Andrew Meiser and financial services regulatory associate Taylor Pugliese.

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