Air Prods & Chems Inc SEC Filings

JPMorgan Chase Financial Company LLC is issuing $89,000 of Step-Up Auto Callable Notes linked to the proprietary J.P. Morgan Dynamic BlendSM Index (ticker: JPUSDYBL). The notes priced on 30 Jun 2025, settle 3 Jul 2025, and mature 6 Jul 2028 unless called earlier.

Economic terms

• Denomination: $1,000; CUSIP 48136EPU3.
• Automatic call if the Index closes at or above the Call Value on a review date: 100.5% of initial on 30 Jun 2026 (10% premium) or 101% on 30 Jun 2027 (20% premium).
• If not called, maturity payment equals principal plus 100% of any positive Index return; downside is floored at par.
• No periodic coupons; investors forgo interim income.
• Price to public = $1,000; estimated value = $957.40 (reflecting dealer fees and hedging costs).

Underlying index – a rules-based strategy that reallocates daily between an S&P 500 futures index and 2-year U.S. Treasury futures to target 3% volatility, less a 0.95% annual index deduction. Low volatility targeting means the strategy may hold large bond exposure, potentially muting equity upside.

Risk & structural considerations

• The notes are unsecured obligations of JPMorgan Financial and are fully and unconditionally guaranteed by JPMorgan Chase & Co.; repayment depends on their creditworthiness.
• No listing is planned; secondary liquidity will rely on dealer bids that are expected to be below the issue price.
• Tax counsel expects contingent payment debt instrument treatment, requiring holders to accrue OID at a 5.22% comparable yield.

The product targets investors comfortable with a potential three-year hold, willing to exchange liquidity and interest income for principal protection, limited call premiums, and uncapped participation in any index appreciation at maturity.

JPMorgan Chase Financial Company LLC is issuing $89,000 of Step-Up Auto Callable Notes linked to the proprietary J.P. Morgan Dynamic BlendSM Index (ticker: JPUSDYBL). The notes priced on 30 Jun 2025, settle 3 Jul 2025, and mature 6 Jul 2028 unless called earlier.

Economic terms

• Denomination: $1,000; CUSIP 48136EPU3.
• Automatic call if the Index closes at or above the Call Value on a review date: 100.5% of initial on 30 Jun 2026 (10% premium) or 101% on 30 Jun 2027 (20% premium).
• If not called, maturity payment equals principal plus 100% of any positive Index return; downside is floored at par.
• No periodic coupons; investors forgo interim income.
• Price to public = $1,000; estimated value = $957.40 (reflecting dealer fees and hedging costs).

Underlying index – a rules-based strategy that reallocates daily between an S&P 500 futures index and 2-year U.S. Treasury futures to target 3% volatility, less a 0.95% annual index deduction. Low volatility targeting means the strategy may hold large bond exposure, potentially muting equity upside.

Risk & structural considerations

• The notes are unsecured obligations of JPMorgan Financial and are fully and unconditionally guaranteed by JPMorgan Chase & Co.; repayment depends on their creditworthiness.
• No listing is planned; secondary liquidity will rely on dealer bids that are expected to be below the issue price.
• Tax counsel expects contingent payment debt instrument treatment, requiring holders to accrue OID at a 5.22% comparable yield.

The product targets investors comfortable with a potential three-year hold, willing to exchange liquidity and interest income for principal protection, limited call premiums, and uncapped participation in any index appreciation at maturity.

Air Products & Chemicals, Inc. (APD) – Form 4 insider filing

Director Jessica Graziano reported the acquisition of 149.1473 phantom stock units on 30 June 2025 under the company’s Deferred Compensation Program for Directors, which operates within the Long-Term Incentive Plan. Phantom units carry a conversion value of one common share per unit and were recorded at $0.00 exercise price, reflecting their nature as deferred compensation rather than an open-market purchase. Following the grant, Graziano now beneficially owns 2,027.2094 phantom stock units, to be settled in APD common stock when board service ends, in either a lump sum or up to ten instalments as previously elected. The filing was signed on 2 July 2025.

No derivative sales, open-market purchases or changes in direct common-share ownership were disclosed. Given APD’s large market capitalisation, the transaction size is immaterial from a valuation standpoint but does marginally increase insider alignment through deferred equity.

Air Products & Chemicals, Inc. (APD) – Form 4 insider filing

Director Jessica Graziano reported the acquisition of 149.1473 phantom stock units on 30 June 2025 under the company’s Deferred Compensation Program for Directors, which operates within the Long-Term Incentive Plan. Phantom units carry a conversion value of one common share per unit and were recorded at $0.00 exercise price, reflecting their nature as deferred compensation rather than an open-market purchase. Following the grant, Graziano now beneficially owns 2,027.2094 phantom stock units, to be settled in APD common stock when board service ends, in either a lump sum or up to ten instalments as previously elected. The filing was signed on 2 July 2025.

No derivative sales, open-market purchases or changes in direct common-share ownership were disclosed. Given APD’s large market capitalisation, the transaction size is immaterial from a valuation standpoint but does marginally increase insider alignment through deferred equity.

Air Products & Chemicals, Inc. (APD) – Form 4 insider filing

Director Jessica Graziano reported the acquisition of 149.1473 phantom stock units on 30 June 2025 under the company’s Deferred Compensation Program for Directors, which operates within the Long-Term Incentive Plan. Phantom units carry a conversion value of one common share per unit and were recorded at $0.00 exercise price, reflecting their nature as deferred compensation rather than an open-market purchase. Following the grant, Graziano now beneficially owns 2,027.2094 phantom stock units, to be settled in APD common stock when board service ends, in either a lump sum or up to ten instalments as previously elected. The filing was signed on 2 July 2025.

No derivative sales, open-market purchases or changes in direct common-share ownership were disclosed. Given APD’s large market capitalisation, the transaction size is immaterial from a valuation standpoint but does marginally increase insider alignment through deferred equity.

Canadian Imperial Bank of Commerce (CM) has filed a Rule 424(b)(2) prospectus supplement for the issuance of 4,919,944 Capped Leveraged Index Return Notes (“LIRNs”) linked to the S&P 500 Index. The structured notes are senior unsecured obligations of CIBC with a $10 principal amount per unit, scheduled to price on 26 June 2025, settle on 3 July 2025 and mature on 25 June 2027 (approx. 2-year tenor).

Key economic terms

• Participation Rate: 200% of any positive Index return.
• Capped Value: $11.697 per unit, equating to a maximum total return of 16.97%.
• Downside Buffer: Principal is protected only if the Index does not fall more than 10% from the Starting Value (6,141.02). Below the 90% Threshold Value (5,526.92), investors lose 1-for-1 up to 90% of principal.
• No interim coupons; all cash flows occur at maturity and are subject to CIBC credit risk.
• Initial estimated value: $9.629 per unit, 3.71% below the $10 public offering price, reflecting a $0.20 underwriting discount and $0.05 hedging-related charge.
• Distribution: BofA Securities is the calculation agent and lead underwriter; Merrill Lynch, Pierce, Fenner & Smith receives a selling concession from the discount.

Risk highlights

• Potential loss of up to 90% of principal if the Index declines more than 10%.
• Return is capped at 16.97%, materially below the uncapped upside of a direct Index investment.
• Secondary market is expected to be limited; notes will not be listed on any exchange.
• The notes’ value will be influenced by CIBC’s credit profile, its internal funding rate and hedging costs.
• Tax treatment is uncertain; CIBC and counsel expect prepaid derivative contract treatment, but the IRS could assert alternative characterizations.

Investor suitability

• Appropriate for investors seeking moderate equity exposure with a 200% leveraged upside but willing to cap gains and accept credit, liquidity and market risks.
• Not suitable for investors needing 100% principal protection, dividend income or a liquid exit before maturity.

Proceeds and use of funds

• Total offering size: $49.199 million.
• Net proceeds to CIBC before expenses: $48.215 million (after $0.20 per unit underwriting discount).

Material considerations for analysts

• Given the 16.97% cap, investors outperform the Index only when the S&P 500 rises between 0% and 8.485% over two years; above that, direct equity exposure outperforms.
• The 3.71% difference between public price and initial estimated value represents embedded costs and dealer margins that erode expected returns.
• The offering is relatively small (<$50 million) and does not materially affect CIBC’s capital structure, but ongoing issuance of market-linked notes indicates continuing reliance on structured-product funding.