Commentary & Deal Flow

Reoffer: 5yr: SONIA+55bp / 100.00

5yr: Final Books >£1.7bn. Peak book >£1.75bn (pre-reconciliation)

Launched: 5yr: £850m @ SONIA+55bp - Books >£1.75bn

Spread set at: 5yr: SONIA+55bp - Books >£1.75bn

Book Update: Orderbook in excess of £1.5bn

Guidance: 5yr: SONIA+60a

• Issuer: Canadian Imperial Bank of Commerce
• Ticker: CM
• Issuer LEI: 2IGI19DL77OX0HC3ZE78
• Guarantor: CIBC Covered Bond (Legislative) Guarantor Limited Partnership
• Format: Reg S, Bearer, NGN
• Issue Type: Canadian legislative covered bond backed by Canadian prime residential mortgages
• Expected Issue Ratings: Aaa/AAA (Moody's/Fitch)
• Size: £850m
• Trade Date: 01-Sep-26
• Settlement Date: 09-Sep-26 (T+5)
• Final Maturity Date: 09-Sep-31 (5 years, soft bullet)
• Coupon: Floating, SONIA +55bps, Compounded Daily SONIA, 5-day observation lag, Quarterly, Act/365F
• Reoffer: SONIA+55bps
• Reoffer Price: 100.00
• Denomination: £100k + £1k
• Listing: Regulated Market of the Luxembourg Stock Exchange
• Law: Province of Ontario and Canada
• Documentation: Issued under the CAD60bn Global Covered Bond Programme pursuant to the Base Prospectus of the Issuer dated 06-Aug-26
• Joint Lead Managers: CIBC Capital Markets (B&D), HSBC, Lloyds Bank Corporate Markets, NatWest and TD Securities
• Fees: The JLMs will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available on request to investors participating in the transaction
• ISIN: XS3496762819
• Timing: Priced. TOE 15:35 UKT | FTT 15:55 UKT
• Target Market: Manufacturer target market (MiFID II / UK MiFIR product governance) is eligible counterparties and professional investors only (all distribution channels). No EEA PRIIPs KID OR UK CCI disclosure document (as required by the FCA Product Disclosure Sourcebook (DISC)) as not available to EU or UK retail investors.
• Advertisement: The Base Prospectus dated 06-Aug-26, 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