A&O Shearman Advises on Canadian Imperial Bank of Commerce’s $2.3 Billion Notes Offering

Published Date
Jan 21 2025
A&O Shearman represented the underwriters led by CIBC World Markets Corp., BofA Securities, Inc., Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC in connection with Canadian Imperial Bank of Commerce’s (“CIBC”) public offering of $400,000,000 aggregate principal amount of Floating Rate Senior Notes due 2028, $1,000,000,000 aggregate principal amount of 4.862% Fixed-to-Floating Senior Notes due 2028 and $900,000,000 5.245% aggregate principal amount Fixed-to-Floating Senior Notes due 2031.

This transaction marks CIBC’s fifth benchmark-sized SEC-registered offering of its regulatory capital securities in the past year, illustrating that U.S. institutional investors remain eager to deploy capital in the current environment of higher interest rates.

CIBC is a leading and well-diversified North American financial institution. Across its bank and business – Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets and Direct Financial Services – CIBC provides services to 14 million personal banking, business, public sector and institutional clients in Canada, the U.S. and around the world. The net proceeds from the sale of the notes will be used for general corporate purposes. 

The A&O Shearman team was led by partner Justin Cooke (New York–Capital Markets) and associates David Birch (São Paulo–Capital Markets) and Nikolaos Chagias (New York–Capital Markets). Other A&O Shearman lawyers involved in the transaction included partner Jack Heinberg (New York–Tax) and associate Andrew Meiser (New York–Tax).

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