CIBC Issues $1.5B of Debentures

On November 2, 2010, Canadian Imperial Bank of Commerce (“CIBC”) completed the offered sale of $1.5 billion aggregate principal amount of 3.15 per cent Debentures (subordinated indebtedness) due November 2, 2020.

The offering was made through a syndicate of dealers led by CIBC World Markets Inc., and included TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Brookfield Financial Corp., Desjardins Securities Inc., HSBC Securities (Canada) Inc., Laurentian Bank Securities Inc., Merrill Lynch Canada Inc. and J.P. Morgan Securities Canada Inc.

The Debentures were issued under a trust indenture dated as of November 2, 2010 between CIBC and BNY Trust Company of Canada, as trustee. The offering was the largest domestic debenture offering ever by CIBC.

CIBC was represented by in-house counsel Eddy Mezzetta and by Blake, Cassels & Graydon LLP led by Ernest McNee and including Michael Smith (securities) and Chris Van Loan and Andrew Spiro (tax).

The dealers were represented by Philip Henderson and Paul Rakowski (securities) and Jonathan Willson (tax) of Stikeman Elliott LLP.