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Subordinated indebtedness (Tables)
 12 Months Ended
Oct. 31, 2022
Text Block [Abstract]  
Schedule of Terms of Subordinated Indebtedness
Terms of subordinated indebtedness

 
$ millions, as at October 31
 
 
  
 
 
  
 
 
  
 
 
2022
 
  
  
 
  
2021
 
 
 
 
 
 
 
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)
 
  5.75  
(3)
 		     July 11, 2024  
(4)
 		                    
TT$
175
 million
    
$
36
 
  
$
36
 
    $ 32      $ 32  
  3.45  
(5)(
6
)
 		     April 4, 2028               April 4, 2023            
 
1,500
 
  
 
1,487
 
      1,500        1,525  
  8.70       May 25, 2029  
(4)
 		                          
 
25
 
  
 
32
 
      25        37  
  2.95  
(5)(
7
)
 		     June 19, 2029               June 19, 2024            
 
1,500
 
  
 
1,426
 
      1,500        1,484  
  2.01  
(5)(8)
 		     July 21, 2030               July 21, 2025            
 
1,000
 
  
 
929
 
      1,000        976  
  11.60       January 7, 2031       January 7, 1996                    
 
200
 
  
 
174
 
      200        196  
  1.96  
(
5)
(
9
)
 		     April 21, 2031               April 21, 2026            
 
1,000
 
  
 
916
 
      1,000        976  
  10.80       May 15, 2031       May 15, 2021                    
 
150
 
  
 
129
 
      150        146  
 
4.20
  
(
5
)
(10)
 
 
 
 April 7, 2032
 
 
 
 
 
 
 
 April 7, 2027            
 
1,000
 
  
 
963
 
      –        –  
  8.70       May 25, 2032  
(4)
 		                          
 
25
 
  
 
34
 
      25        39  
  8.70       May 25, 2033  
(4)
 		                          
 
25
 
  
 
34
 
      25        40  
  8.70       May 25, 2035  
(4)
 		                          
 
25
 
  
 
36
 
      25        42  
  Floating  
(1
1
)
 		     July 31, 2084               July 27, 1990      
US$
38
 million
  
(1
2
)
 		  
 
52
 
  
 
52
 
      47        47  
  Floating  
(1
3
)
 		     August 31, 2085    
 
 
 
     August 20, 1991      
US$
10
 million
  
(1
4
)
 		  
 
13
 
  
 
13
 
      14        14  
                                       
 
6,551
 
  
 
6,261
 
      5,543        5,554  
 
Subordinated indebtedness sold short (held) for trading purposes
    
 
31
 
  
 
31
 
      (15 )       (15 ) 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
    6,582
 
  
$
    6,292
 
    $     5,528      $     5,539  
 
 
(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)
Guaranteed Subordinated Term Notes in Trinidad and Tobago dollars issued on July 11, 2018 by FirstCaribbean International Bank (Trinidad & Tobago) Limited, a subsidiary of CIBC FirstCaribbean, and guaranteed on a subordinated basis by CIBC FirstCaribbean.
(4)
Not redeemable prior to maturity date.
(5)
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 $2.50 per share (subject to adjustment in certain events as defined in the relevant prospectus supplements).
(
6
)
Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at a rate of 1.00% above the three-month Canadian dollar bankers’ acceptance rate.
(
7
)
Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at a rate of 1.18% above the three-month Canadian dollar bankers’ acceptance rate.
(
8
)
Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at a rate of 1.28% above the three-month Canadian dollar bankers’ acceptance rate.
(
9
)
Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at a rate of 0.56% above the three-month Canadian dollar bankers’ acceptance rate.
(1
0
)
Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at Daily Compounded Canadian Overnight Repo Rate Average (CORRA) plus 1.69%.
(11)
Interest rate is based on the six-month US$ LIBOR plus 0.25%.
(1
2
)
Nil (2021: US$6 million) of this issue was repurchased and cancelled during 2022.
(1
3
)
Interest rate is based on the six-month US$ LIBOR plus 0.125%.
(1
4
)
US$1 million (2021: US$2 million) of this issue was repurchased and cancelled during 2022.