CIBC plans C$1 billion offering of 6.631% subordinated capital notes
CIBC announced a domestic public offering of $1.0 billion of Series 11 LRCNs with a 6.631% initial coupon and a 2086 maturity, according to TradingView.
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what happened
Canadian bank CIBC has announced a domestic public offering of $1.0 billion in Limited Recourse Capital Notes Series 11, according to a press release distributed via TradingView.
The notes will be priced at $1,000 each and pay 6.631% annually in semi-annual installments. From November 28, 2031, the rate will reset every five years to the five-year Government of Canada yield plus 2.970 percentage points. The notes mature on November 28, 2086, and closing is expected on October 28, 2026.
Proceeds will go to general corporate purposes, which may include redeeming outstanding CIBC capital securities and repaying other liabilities.
why it matters
The issue is subordinated capital that supports the bank's capital adequacy. For markets it is a routine deal from Canadian banking, so its broader impact is limited, with interest centered on Canadian debt markets and demand for such instruments.
market impact
Canadian bank bonds: a large new subordinated issue may affect spreads in the AT1 and LRCN segment.
tags
instruments
sources
- CIBC to Issue 6.631% NVCC AT1 Limited Recourse Capital Notes — TradingView, 19 October 2026 at 21:45 UTC
- Cibc To Issue 6.631% Nvcc At1 Limited Recourse Capital Notes — Reuters, 19 October 2026 at 22:12 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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