CIBC issue of $1 billion non-viability contingent capital subordinated debentures

Industry: Financial Services - Banks, trusts and credit unions

On Apr. 19, CIBC completed a public offering of $1 billion of 1.96 per cent debentures (non-viability contingent capital (NVCC)) (subordinated indebtedness) due Apr. 21, 2031.

The debentures were issued in Canada and sold through a syndicate of dealers that was led by CIBC World Markets Inc. and which included BMO Nesbitt Burns Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., National Bank Financial Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., iA Private Wealth Inc., Manulife Securities Incorporated, Merrill Lynch Canada Inc. and Wells Fargo Securities Canada, Ltd.

CIBC will use the net proceeds from this transaction for general purposes.

The in-house team that represented CIBC comprised
Paul Bent,
Michelle Caturay.

Blake, Cassels & Graydon LLP provided external support with a team that included
Stacy McLean,
Lauren Leahey (corporate/securities),
Vladimir Shatiryan (regulatory),
Chris Van Loan,
Annika Wang (tax).

Torys LLP represented the syndicate of dealers with a team that included
David Seville,
Michael Murphy,
Alison Shamie (corporate/securities).