Commentary & Deal Flow

Reoffer: 6.25yr: MS+29bp / 99.629 / 3.193%
Benchmark: 6.25yr: DBR 1.7% 15-Aug-32 @ 93.91 / B+41bp / HR 103%

Final Books > €1.7bn (incl. €200m JLM). Peak book above €1.75bn (pre-rec).

Launched: 6.25yr: €1.25bn @ MS+29bp - Books above €1.75bn (pre-rec) (incl. 200mn JLM)
Spread set at: 6.25yr: MS+29bp - Books in excess of €1.75bn (incl. €175m JLM)
Book Update: Books > €1.65bn (incl. €175m JLM)
Guidance: 6.25yr: MS+35a

• Issuer: Canadian Imperial Bank of Commerce (Ticker: CM)
• LEI: 2IGI19DL77OX0HC3ZE78
• Guarantor: CIBC Covered Bond (Legislative) Guarantor Limited Partnership
• Issue type: Canadian legislative covered bond backed by Canadian prime residential mortgages
• Expected issue ratings: Aaa / AAA (Moody's/Fitch)
• Format: Reg S, Bearer, Covered Bonds in NGN form
• Size: €1.25bn
• Trade Date: 03-Jun-26
• Settlement Date: 10-Jun-26 (T+5)
• Maturity Date: 10-Sep-32
• Coupon: 3.125% Fixed, Annual, Act/Act (ICMA), short first coupon
• Reoffer: MS+29bps / 99.629% / 3.193%
• Benchmark: +41.0bps vs. DBR 1.7% 15-Aug-32 (px 93.910% / yield 2.783%), HR 103%
• Redemption price: 100%
• Governing Law: Province of Ontario and Canada
• Business days: London, New York, Toronto, T2
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Denomination: €100k and integral multiples of €1k in excess thereof up to (and including) €199k
• Clearing: Euroclear / Clearstream, Luxembourg
• Joint Lead Managers: CIBC Capital Markets, Commerzbank, Crédit Agricole CIB (B&D), Erste Group, ING and Natixis
• ISIN: XS3401887057
• Common code / WKN: 340188705 / A4EV18
• Target Market: Professional Clients and Eligible Counterparties (EU MiFID and UK MiFIR Product Governance) – all distribution channels / No EEA PRIIPs KID or UK CCI disclosure document required as not available to EU or UK retail investors.
• Documentation: Under the Issuer's CAD 60,000,000,000 Global Legislative Covered Bond Programme
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities
• Timing: Priced - TOE 15.50 CET / 14.50 UKT - FTT 16.10 CET / 15.10 UKT
• Advertisement: The Base Prospectus dated 05-Aug-25 (as supplemented), is available, and the Final Terms, when published, will be available via: https://www.cibc.com/en/about-cibc/investor-relations/debt-information/legislative-covered-bond/information.html
• Stabilization: FCA/ICMA