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Capital Trust securities (Tables)
 12 Months Ended
Oct. 31, 2018
Text block1 [abstract]  
Summary of Significant Terms and Conditions of Notes

The table below presents the significant terms and conditions of the Notes. As at October 31, 2018, we held $8 million in net long trading positions (2017: $2 million in net short trading positions) of the Notes.

 

$ millions, as at October 31                                    2018      2017  
                         Earliest redemption dates    

 

      Principal amount  
      Issue date      Interest payment dates      Yield     At greater of
Canada Yield
Price and par (1)		      At par                         

Series A

      March 13, 2009        June 30, December 31        9.976  %      June 30, 2014        June 30, 2019        $     1,300      $     1,300

Series B

      March 13, 2009        June 30, December 31        10.250  %      June 30, 2014        June 30, 2039                300      300
                                                         $ 1,600    $ 1,600

 

(1)

Canada Yield Price: a price calculated at the time of redemption (other than an interest rate reset date applicable to the series) to provide a yield to maturity equal to the yield on a Government of Canada bond of appropriate maturity plus: (i) for the CIBC Tier 1 Notes – Series A, (a) 1.735% if the redemption date is any time prior to June 30, 2019, or (b) 3.475% if the redemption date is any time on or after June 30, 2019; and (ii) for the CIBC Tier 1 Notes – Series B, (a) 1.645% if the redemption date is any time prior to June 30, 2039, or (b) 3.29% if the redemption date is any time on or after June 30, 2039.