CIBC announces $1 billion offering of limited recourse capital notes
CM•CIBC plans to offer $1 billion of Series 11 AT1 limited recourse capital notes to institutional investors, with a 6.63% annual interest rate and an expected October 28, 2026, closing.
1. Offering details
The notes are priced at $1,000 each, pay interest semiannually through November 28, 2031, and mature November 28, 2086. Interest resets every five years thereafter at the five-year Government of Canada yield plus 2.97%. Net proceeds will support general corporate purposes, potentially including redemption of outstanding capital securities or repayment of other obligations.
