Cards II Trust Completes Notes Offering

On October 13, 2005, CARDS II Trust completed an issue of $1.5 billion of asset-backed notes. CARDS II Trust is a special purpose securitization vehicle that issues asset-backed notes to the public to finance the purchase of credit card receivables originated by CIBC.

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

CIBC was represented by Frank Vivacqua, senior counsel. McCarthy Tétrault LLP acted for CIBC and CARDS II Trust with a team that included Marc MacMullin, Dean Masse and Sandy Gill (corporate) and Gabrielle Richards (tax). The underwriters were represented by Stikeman Elliott LLP with a team that included Michael Rumball, Jason Kroft and Calvin Roy (corporate) and Kevin Kelly (tax).