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Subordinated indebtedness
 12 Months Ended
Oct. 31, 2023
Text Block [Abstract]  
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
                         
2023
              2022  
            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
 
    $ 36      $ 36  
  3.45  
(5)(6)
 		     April 4, 2028               April 4, 2023  
(7)
 		          
 
–
 
  
 
–
 
      1,500        1,487  
  8.70       May 25, 2029  
(4)
 		                          
 
25
 
  
 
30
 
      25        32  
  2.95  
(5)(8)
 		     June 19, 2029               June 19, 2024            
 
1,500
 
  
 
1,501
 
      1,500        1,426  
  2.01  
(5)(9)
 		     July 21, 2030               July 21, 2025            
 
1,000
 
  
 
793
 
      1,000        929  
  11.60       January 7, 2031       January 7, 1996                    
 
200
 
  
 
200
 
      200        174  
  1.96  
(5)(10)
 		     April 21, 2031               April 21, 2026            
 
1,000
 
  
 
1,000
 
      1,000        916  
  10.80       May 15, 2031       May 15, 2021                    
 
150
 
  
 
145
 
      150        129  
  4.20  
(5)(11)
 		     April 7, 2032               April 7, 2027            
 
1,000
 
  
 
945
 
      1,000        963  
  5.33  
(5)(12)
 		     January 20, 2033               January 20, 2028            
 
1,000
 
  
 
918
 
      –        –  
  5.35  
(5)(13)
 		     April 20, 2033               April 20, 2028            
 
750
 
  
 
750
 
      –        –  
  8.70       May 25, 2032  
(4)
 		                          
 
25
 
  
 
31
 
      25        34  
  8.70       May 25, 2033  
(4)
 		                          
 
25
 
  
 
32
 
      25        34  
  8.70       May 25, 2035  
(4)
 		                          
 
25
 
  
 
33
 
      25        36  
  Floating  
(14)
 		     July 31, 2084               July 27, 1990       US$38 million    
 
53
 
  
 
53
 
      52        52  
  Floating  
(15)
 		     August 31, 2085    
 
 
 
     August 20, 1991       US$10 million  
(16)
 		  
 
13
 
  
 
13
 
      13        13  
                                       
 
6,802
 
  
 
6,480
 
      6,551        6,261  
 
Subordinated indebtedness sold short (held) for trading purposes
    
 
3
 
  
 
3
 
      31        31  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
$
    6,805
 
  
$
    6,483
 
    $     6,582      $     6,292  
 
(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)
On April 4, 2023, we redeemed all $1.5 billion of our 3.45% Debentures due April 4, 2028. In accordance with their terms, the Debentures were redeemed at 100% of their principal amount, together with accrued and unpaid interest thereon.
(8)
Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at a rate of 1.18% above the three-month Canadian dollar bankers’ acceptance rate.
(9)
Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at a rate of 1.28% above the three-month Canadian dollar bankers’ acceptance rate.
(10)
Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at a rate of 0.56% above the three-month Canadian dollar bankers’ acceptance rate.
(11)
Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at Daily Compounded CORRA plus 1.69%.
(12)
Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at Daily Compounded CORRA plus 2.37%.
(13)
Interest rate is fixed at the indicated rate until the earliest date redeemable at par by CIBC and, thereafter, at Daily Compounded CORRA plus 2.23%.
(14)
Interest rate is based on the six-month US$ LIBOR plus 0.25%.
 
After June 30, 2023, we used the six-month US$ LIBOR published on Bloomberg using an unrepresentative “synthetic” methodology, as per the April 3, 2023 FCA announcement. 
(15)
Interest rate is based on the six-month US$ LIBOR plus 0.125%.
 
After June 30, 2023, we used the six-month US$ LIBOR published on Bloomberg using an unrepresentative “synthetic” methodology, as per the April 3, 2023 FCA announcement. 
(16)
Nil (2022: US$1 million) of this issue was repurchased and cancelled during 2023.