Commentary & Deal Flow

Reoffer: 2yr: 3mE+40bp / 100
Final Books: €1.5bn+. Peak book in excess of €2.3bn (pre-rec)

Launched: 2yr: €1.35bn @ 3mE+40bp - Books above €1.6bn (pre-rec) at reoffer level
Spread set at: 2yr: 3mE+40bp - Books in excess of €2.3bn (pre-rec)
Book Update: Books over €2bn
IPTs: 2yr: 3mE+65a

• Issuer: Canadian Imperial Bank of Commerce (Ticker: CM)
• LEI: 2IGI19DL77OX0HC3ZE78
• Expected issue ratings: A2 / A- / AA- (Moody's / S&P / Fitch)
• Status of Notes: Senior Unsecured Bail-inable
• Format: Regulation S, EUR MTN, Bearer, New Global Note
• Size: €1.35bn
• Tenor: 2-year
• Trade Date: 19-Jun-26
• Settlement Date: 25-Jun-26 (T+4)
• Maturity Date: 23-Jun-28
• Reoffer: 3mE+40 bps / 100.000
• Coupon: FRN, Quarterly, Actual / 360, adjusted, short first coupon
• 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 (B&D), ING, Nomura, Société Générale Corporate & Investment Banking, UBS Investment Bank
• ISIN / Common Code: XS3420476452 / 342047645
• 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 USD 40,000,000,000 Note Issuance Programme
• Bail-inable Notes: The Notes are bail-inable Notes and subject to conversion in whole or in part—by means of a transaction or series of transactions and in one or more steps—into common shares of the Bank or any of its affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act (the “CDIC Act”) and to variation or extinguishment in consequence, and subject to the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to the Notes.
  The Notes do not constitute deposits that are insured under the CDIC Act. For a description of the Canadian bank resolution powers and related risk factors attaching to investment in the Notes, see information under the headings “Description of Notes—Special Provisions Related to Bail-in Regime” and “Risk Factors” in the Prospectus.
• Selling Restrictions: Regulation S, Category 2, TEFRA D rules apply, Not Rule 144a eligible and as otherwise described in the Prospectus. No sales to retail in EEA or UK. Singapore Sales to Institutional Investors and Accredited Investors only
• Advertisement: The Base Prospectus dated 25-Jun-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/note-issuance-programme.html
• Stabilization: FCA/ICMA
• Timing: TOE 14:50 UKT / 15:50 CET | FTT 15:05 UKT / 16:05 CET