New Issue: CIBC sells $12.45 million fixed-to-floating-rate notes on SOFR

By Wendy Van Sickle

Columbus, Ohio, Dec. 18 – Canadian Imperial Bank of Commerce priced $12.45 million of fixed-to-floating-rate notes due Dec. 18, 2026, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 7% for the first six months, then converts to compounded SOFR plus 75 basis points, subject to a floor of 0%. Interest is payable quarterly.

The payout at maturity will be par.

CIBC Capital Markets is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Fixed-to-floating-rate notes
Amount:	$12,448,000
Maturity:	Dec. 18, 2026
Coupon:	7% for first six months, then compounded SOFR plus 75 bps, subject to a floor of 0%; payable quarterly
Price:	Par
Payout at maturity:	Par
Pricing date:	Dec. 13
Settlement date:	Dec. 18
Agent:	CIBC Capital Markets
Fees:	0.54%
Cusip:	13607XPM3

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