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Subordinated indebtedness | 12 Months Ended
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Oct. 31, 2025
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Subordinated indebtedness |
Note 14 |  | Subordinated indebtedness
The debt issues included in the table below are outstanding unsecured obligations of CIBC and its subsidiaries and are subordinated to the claims of depositors and other creditors as set out in their terms. Foreign currency denominated indebtedness funds foreign currency denominated assets. All redemptions are subject to regulatory approval. Terms of subordinated indebtedness
$ millions, as at October 31 |  |  |  |  |  |  |  |  |  |  |  | 2025 |  |  |  |  |  | 2024 |
|  |  |  |  |  | Earliest date redeemable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate % |  |  | Contractual maturity date |  |  | At greater of Canada Yield Price (1) and par |  |  | At par |  |  | Denominated in foreign currency |  |  | Par value |  |  | Carrying value (2) |  |  | Par value |  |  | Carrying value (2) |
| 8.70 |  |  |  | May 25, 2029 | (3) |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 25 |  |  | $ | 30 |  |  | $ | 25 |  |  | $ | 31 |
| 2.01 | (4)(5) |  |  | July 21, 2030 |  |  |  |  |  |  |  | July 21, 2025 |  |  |  |  |  |  |  | – |  |  |  | – |  |  |  | 1,000 |  |  |  | 979 |
| 11.60 |  |  |  | January 7, 2031 |  |  |  | January 7, 1996 |  |  |  |  |  |  |  |  |  |  |  | 200 |  |  |  | 192 |  |  |  | 200 |  |  |  | 186 |
| 1.96 | (4)(6) |  |  | April 21, 2031 |  |  |  |  |  |  |  | April 21, 2026 |  |  |  |  |  |  |  | 1,000 |  |  |  | 988 |  |  |  | 1,000 |  |  |  | 958 |
| 10.80 |  |  |  | May 15, 2031 |  |  |  | May 15, 2021 |  |  |  |  |  |  |  |  |  |  |  | 150 |  |  |  | 144 |  |  |  | 150 |  |  |  | 140 |
| 4.20 | (4)(7) |  |  | April 7, 2032 |  |  |  |  |  |  |  | April 7, 2027 |  |  |  |  |  |  |  | 1,000 |  |  |  | 1,003 |  |  |  | 1,000 |  |  |  | 993 |
| 8.70 |  |  |  | May 25, 2032 | (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25 |  |  |  | 33 |  |  |  | 25 |  |  |  | 33 |
| 5.33 | (4)(8) |  |  | January 20, 2033 |  |  |  |  |  |  |  | January 20, 2028 |  |  |  |  |  |  |  | 1,000 |  |  |  | 1,011 |  |  |  | 1,000 |  |  |  | 1,060 |
| 5.35 | (4)(9) |  |  | April 20, 2033 |  |  |  |  |  |  |  | April 20, 2028 |  |  |  |  |  |  |  | 750 |  |  |  | 765 |  |  |  | 750 |  |  |  | 750 |
| 8.70 |  |  |  | May 25, 2033 | (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25 |  |  |  | 34 |  |  |  | 25 |  |  |  | 34 |
| 5.30 | (4)(10) |  |  | January 16, 2034 |  |  |  |  |  |  |  | January 16, 2029 |  |  |  |  |  |  |  | 1,250 |  |  |  | 1,293 |  |  |  | 1,250 |  |  |  | 1,250 |
| 4.90 | (4)(11) |  |  | June 12, 2034 |  |  |  |  |  |  |  | June 12, 2029 |  |  |  |  |  |  |  | 1,000 |  |  |  | 1,034 |  |  |  | 1,000 |  |  |  | 1,000 |
| 4.15 | (4)(12) |  |  | April 2, 2035 |  |  |  |  |  |  |  | April 2, 2030 |  |  |  |  |  |  |  | 1,250 |  |  |  | 1,252 |  |  |  | – |  |  |  | – |
| 8.70 |  |  |  | May 25, 2035 | (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 25 |  |  |  | 35 |  |  |  | 25 |  |  |  | 35 |
| Floating | (13) |  |  | July 31, 2084 |  |  |  |  |  |  |  | July 27, 1990 |  |  |  | US$38 million |  |  |  | – |  |  |  | – |  |  |  | 53 |  |  |  | 53 |
| Floating | (14) |  |  | August 31, 2085 |  |  |  |  |  |  |  | August 20, 1991 |  |  |  | US$10 million |  |  |  | – |  |  |  | – |  |  |  | 13 |  |  |  | 13 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,700 |  |  |  | 7,814 |  |  |  | 7,516 |  |  |  | 7,515 |
| Subordinated indebtedness sold short (held) for trading purposes |  |  |  | 5 |  |  |  | 5 |  |  |  | (50 | ) |  |  | (50 | )
| Total subordinated indebtedness |  |  | $ | 7,705 |  |  | $ | 7,819 |  |  | $ | 7,466 |  |  | $ | 7,465 |
(1) | Canada Yield Price: a price calculated at the time of redemption to provide a yield to maturity equal to the yield of a Government of Canada bond of appropriate maturity plus a pre-determined spread.
(2) | Carrying values of fixed-rate subordinated indebtedness notes reflect the impact of interest rate hedges in an effective hedge relationship.
(3) | Not redeemable prior to maturity date.
(4) | Debentures are also subject to a non-viability contingent capital (NVCC) provision, necessary for the Debentures to qualify as Tier 2 regulatory capital under Basel III. As such, the Debentures are automatically converted into common shares upon the occurrence of a Trigger Event as described in the capital adequacy guidelines. In such an event, the Debentures are convertible into a number of common shares, determined by dividing 150% of the par value plus accrued and unpaid interest by the average common share price (as defined in the relevant prospectus supplements) subject to a minimum price of $2.50 per share (subject to adjustment in certain events as defined in the relevant prospectus supplements).
(5) | On July 21, 2025, we redeemed all $ 1.0 billion of our 2.01% Debentures due July 21, 2030. In accordance with their terms, the Debentures were redeemed at 100% of their principal amount, together with accrued and unpaid interest thereon.
(6) | Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at a rate of 0.56% above the three-month Canadian dollar bankers’ acceptance rate or an appropriate alternative rate.
( 7 ) | Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at Daily Compounded Canadian Overnight Repo Rate Average (CORRA) plus 1.69%.
( 8 ) | Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at Daily Compounded CORRA plus 2.37%.
( 9 ) | Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at Daily Compounded CORRA plus 2.23%.
(1 0 ) | Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at Daily Compounded CORRA plus 2.02%.
(1 1 ) | Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at Daily Compounded CORRA plus 1.56%.
(1 2 ) | Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at Daily Compounded CORRA plus 1.72%.
(1 3 ) | On January 31, 2025, we redeemed all US$38 million of our Floating Rate Subordinated Capital Debentures due 2084. In accordance with their terms, the Debentures were redeemed at 100% of their principal amount, together with accrued and unpaid interest thereon.
(1 4 ) | On February 28, 2025, we redeemed all US$10 million of our Floating Rate Subordinated Capital Debentures due 2085. In accordance with their terms, the Debentures were redeemed at 100% of their principal amount, together with accrued and unpaid interest thereon.

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