[424B2] Canadian Imperial Bank of Commerce Prospectus Supplement
Offer overview: Canadian Imperial Bank of Commerce (TSX/NYSE: CM) is marketing a new series of Senior Global Medium-Term Notes: 5.40% Callable Notes due 30 July 2035 (CUSIP 13607XYD3). The preliminary aggregate principal amount is unspecified but each note is issued in $1,000 denominations and integral multiples thereof. Interest accrues on a 30/360 basis and is paid semi-annually on 30 January and 30 July, beginning 30 January 2026.
Call feature: CIBC may redeem the notes in whole but not in part at par plus accrued interest on any 30 July interest-payment date from 2027 through 2034. A minimum of 2 and a maximum of 20 business days’ notice will be delivered only through DTC; holders receive no direct notice. If called, investors forgo future coupons and must reinvest at then-prevailing rates.
Pricing & distribution: The notes price at 100% of par for retail buyers, with concessions that can lower the purchase price to 98% for fee-based advisory accounts. CIBC World Markets Corp. (CIBCWM) acts as agent and receives up to 2.00% ($20 per $1,000). Net proceeds to CIBC are at least 98% of par. The notes are not exchange-listed and no active secondary market is assured, potentially limiting liquidity.
Capital structure & ranking: The obligation is senior, unsecured and ranks pari passu with CIBC’s other unsubordinated debt. Payments depend entirely on CIBC’s creditworthiness; the notes are neither CDIC nor FDIC insured.
Bail-in regime: As “bail-inable” debt under the Canada Deposit Insurance Corporation Act, the notes can be forcibly converted into CIBC common shares or written down in whole or in part if the bank is deemed non-viable. Holders automatically submit to Ontario jurisdiction and receive no compensation beyond conversion value.
Risk highlights: (1) Call risk—CIBC is likely to redeem if funding costs fall, capping upside for investors. (2) Market value risk—prices may fall below par due to rate moves, credit spreads or the call option. (3) Credit & bail-in risk—investors face loss of principal in a resolution scenario. (4) Liquidity risk—no listing and discretionary market-making by CIBCWM. (5) Tax uncertainty—while treated as debt for U.S. purposes, bail-in conversion could create complex Canadian tax consequences for non-residents.
Tax summary: For U.S. holders, coupons are ordinary income; gains/losses on disposition are capital. Non-resident holders generally owe no Canadian withholding on interest but may face withholding on dividends if bail-in conversion occurs.
Settlement: Book-entry delivery via DTC expected 30 July 2025 (T+2 after the expected 28 July trade date).
Key takeaway: The 10-year 5.40% coupon offers competitive fixed income yield from a large Canadian bank, but investors must weigh call, credit, bail-in and liquidity risks before allocating.
Panoramica dell'offerta: Canadian Imperial Bank of Commerce (TSX/NYSE: CM) propone una nuova serie di Senior Global Medium-Term Notes: Note Callable al 5,40% con scadenza 30 luglio 2035 (CUSIP 13607XYD3). L'importo aggregato preliminare non è specificato, ma ogni nota è emessa in tagli da $1.000 e multipli interi di tale importo. Gli interessi maturano secondo il metodo 30/360 e sono pagati semestralmente il 30 gennaio e il 30 luglio, a partire dal 30 gennaio 2026.
Caratteristica di rimborso anticipato: CIBC può rimborsare le note interamente ma non parzialmente al valore nominale più gli interessi maturati in qualsiasi data di pagamento degli interessi del 30 luglio dal 2027 al 2034. L’avviso, che varia da un minimo di 2 a un massimo di 20 giorni lavorativi, sarà comunicato solo tramite DTC; i detentori non ricevono avvisi diretti. In caso di rimborso anticipato, gli investitori rinunciano ai futuri cedolari e devono reinvestire ai tassi correnti.
Prezzo e distribuzione: Le note sono offerte al 100% del valore nominale per gli acquirenti retail, con sconti che possono portare il prezzo fino al 98% per conti di consulenza a tariffa fissa. CIBC World Markets Corp. (CIBCWM) agisce come agente e riceve fino al 2,00% ($20 per $1.000). Il ricavato netto per CIBC è almeno il 98% del valore nominale. Le note non sono quotate in borsa e non è garantita un’attività di mercato secondario, limitando potenzialmente la liquidità.
Struttura del capitale e rango: L’obbligazione è senior, non garantita e ha pari rango con altri debiti non subordinati di CIBC. I pagamenti dipendono esclusivamente dalla solidità creditizia di CIBC; le note non sono assicurate da CDIC né da FDIC.
Regime bail-in: In quanto debito “bail-inable” ai sensi della Canada Deposit Insurance Corporation Act, le note possono essere convertite forzatamente in azioni ordinarie CIBC o svalutate parzialmente o totalmente se la banca è considerata non solvibile. I detentori accettano automaticamente la giurisdizione dell’Ontario e non ricevono compensi oltre al valore di conversione.
Rischi principali: (1) Rischio di rimborso anticipato—CIBC potrebbe rimborsare se i costi di finanziamento diminuiscono, limitando il potenziale guadagno. (2) Rischio di valore di mercato—i prezzi possono scendere sotto il valore nominale a causa di variazioni dei tassi, degli spread di credito o dell’opzione di rimborso. (3) Rischio di credito e bail-in—gli investitori rischiano la perdita del capitale in caso di risoluzione. (4) Rischio di liquidità—assenza di quotazione e market-making discrezionale da parte di CIBCWM. (5) Incertezza fiscale—sebbene trattate come debito negli Stati Uniti, la conversione bail-in potrebbe comportare complesse implicazioni fiscali canadesi per i non residenti.
Riepilogo fiscale: Per i detentori statunitensi, i cedolari sono considerati reddito ordinario; plusvalenze/perdite da vendita sono capitali. I non residenti generalmente non pagano ritenute canadesi sugli interessi, ma potrebbero subire ritenute sui dividendi in caso di conversione bail-in.
Regolamento: Consegna in forma dematerializzata tramite DTC prevista per il 30 luglio 2025 (T+2 rispetto alla data di negoziazione prevista del 28 luglio).
Conclusione chiave: Il coupon del 5,40% su 10 anni offre un rendimento fisso competitivo da una grande banca canadese, ma gli investitori devono valutare attentamente i rischi di rimborso anticipato, credito, bail-in e liquidità prima di investire.
Resumen de la oferta: Canadian Imperial Bank of Commerce (TSX/NYSE: CM) está comercializando una nueva serie de Senior Global Medium-Term Notes: Notas Callable al 5,40% con vencimiento el 30 de julio de 2035 (CUSIP 13607XYD3). El importe principal agregado preliminar no está especificado, pero cada nota se emite en denominaciones de $1,000 y múltiplos enteros de esta cantidad. Los intereses se acumulan según la base 30/360 y se pagan semestralmente el 30 de enero y el 30 de julio, comenzando el 30 de enero de 2026.
Característica de llamada: CIBC puede redimir las notas en su totalidad pero no en parte al valor nominal más intereses acumulados en cualquier fecha de pago de intereses del 30 de julio desde 2027 hasta 2034. Se entregará un aviso con un mínimo de 2 y un máximo de 20 días hábiles únicamente a través de DTC; los tenedores no reciben notificación directa. Si se realiza la llamada, los inversores renuncian a futuros cupones y deben reinvertir a las tasas vigentes.
Precio y distribución: Las notas se venden al 100% del valor nominal para compradores minoristas, con concesiones que pueden reducir el precio hasta el 98% para cuentas de asesoría con tarifa fija. CIBC World Markets Corp. (CIBCWM) actúa como agente y recibe hasta un 2,00% ($20 por $1,000). Los ingresos netos para CIBC son al menos el 98% del valor nominal. Las notas no están listadas en bolsa y no se garantiza un mercado secundario activo, lo que puede limitar la liquidez.
Estructura de capital y rango: La obligación es senior, no garantizada y tiene rango pari passu con otras deudas no subordinadas de CIBC. Los pagos dependen totalmente de la solvencia crediticia de CIBC; las notas no están aseguradas por CDIC ni FDIC.
Régimen de bail-in: Como deuda “bail-inable” bajo la Ley de la Corporación de Seguro de Depósitos de Canadá, las notas pueden ser convertidas forzosamente en acciones comunes de CIBC o reducidas total o parcialmente si el banco se considera no viable. Los tenedores aceptan automáticamente la jurisdicción de Ontario y no reciben compensación más allá del valor de conversión.
Aspectos de riesgo: (1) Riesgo de llamada: CIBC probablemente redimirá si los costos de financiamiento bajan, limitando el potencial de ganancia. (2) Riesgo de valor de mercado: los precios pueden caer por debajo del valor nominal debido a movimientos en tasas, spreads de crédito o la opción de llamada. (3) Riesgo de crédito y bail-in: los inversores enfrentan pérdida de principal en un escenario de resolución. (4) Riesgo de liquidez: ausencia de cotización y creación de mercado discrecional por parte de CIBCWM. (5) Incertidumbre fiscal: aunque se tratan como deuda para fines fiscales en EE.UU., la conversión bail-in podría generar complejas consecuencias fiscales canadienses para no residentes.
Resumen fiscal: Para tenedores estadounidenses, los cupones son ingresos ordinarios; las ganancias/pérdidas por disposición son ganancias de capital. Los no residentes generalmente no deben retención canadiense sobre intereses, pero pueden enfrentar retención sobre dividendos si ocurre la conversión bail-in.
Liquidación: Entrega en forma electrónica vía DTC prevista para el 30 de julio de 2025 (T+2 después de la fecha de negociación esperada del 28 de julio).
Conclusión clave: El cupón del 5,40% a 10 años ofrece un rendimiento fijo competitivo de un gran banco canadiense, pero los inversores deben considerar los riesgos de llamada, crédito, bail-in y liquidez antes de asignar fondos.
제안 개요: Canadian Imperial Bank of Commerce (TSX/NYSE: CM)는 새로운 시리즈의 선순위 글로벌 중기채권을 마케팅하고 있습니다: 5.40% 콜러블 노트, 만기일 2035년 7월 30일 (CUSIP 13607XYD3). 예비 총 원금 금액은 미정이지만 각 노트는 $1,000 단위로 발행되며 그 배수로 발행됩니다. 이자는 30/360 방식으로 계산되며 2026년 1월 30일부터 시작하여 매년 1월 30일과 7월 30일에 반기별로 지급됩니다.
콜 옵션: CIBC는 2027년부터 2034년까지 매 7월 30일 이자 지급일에 노트를 부분이 아닌 전부 액면가와 누적 이자와 함께 상환할 수 있습니다. 최소 2영업일에서 최대 20영업일의 통지가 DTC를 통해서만 전달되며, 투자자에게는 직접 통지가 이루어지지 않습니다. 콜이 이루어질 경우 투자자는 미래 쿠폰 수익을 포기하고 당시 시장 금리로 재투자해야 합니다.
가격 및 배포: 일반 소매 투자자에게는 액면가의 100%로 가격이 책정되며, 수수료 기반 자문 계좌의 경우 구매 가격이 98%까지 낮아질 수 있는 할인 혜택이 있습니다. CIBC World Markets Corp.(CIBCWM)이 대리인 역할을 하며 최대 2.00%($1,000당 $20)를 수취합니다. CIBC에 대한 순수익은 최소 액면가의 98%입니다. 이 노트는 거래소 상장되지 않았으며, 활발한 2차 시장이 보장되지 않아 유동성이 제한될 수 있습니다.
자본 구조 및 순위: 이 채무는 선순위 무담보로 CIBC의 다른 비후순위 부채와 동등한 순위를 가집니다. 지급은 전적으로 CIBC의 신용도에 의존하며, 노트는 CDIC 또는 FDIC 보험이 적용되지 않습니다.
바일인 제도: 캐나다 예금 보험 공사법에 따른 “바일인 가능” 부채로서, 은행이 부실로 간주될 경우 노트는 강제로 CIBC 보통주로 전환되거나 전부 또는 일부 감액될 수 있습니다. 보유자는 자동으로 온타리오 주 법률 관할에 따르며 전환 가치 이상의 보상을 받지 않습니다.
위험 요약: (1) 콜 위험—금융 비용이 하락하면 CIBC가 상환할 가능성이 높아 투자자의 상승 잠재력이 제한됩니다. (2) 시장 가치 위험—금리 변동, 신용 스프레드 또는 콜 옵션으로 인해 가격이 액면가 이하로 떨어질 수 있습니다. (3) 신용 및 바일인 위험—해결 시나리오에서 원금 손실 위험이 있습니다. (4) 유동성 위험—상장 미비 및 CIBCWM의 재량적 시장 조성. (5) 세금 불확실성—미국 세법상 부채로 간주되지만, 바일인 전환 시 비거주자에게 복잡한 캐나다 세금 문제가 발생할 수 있습니다.
세금 요약: 미국 보유자는 쿠폰이 일반 소득으로 과세되며, 처분 시 손익은 자본 이득으로 처리됩니다. 비거주자는 일반적으로 이자에 대해 캐나다 원천징수를 내지 않지만, 바일인 전환 시 배당에 대해 원천징수를 받을 수 있습니다.
결제: 예상 거래일인 7월 28일로부터 T+2인 2025년 7월 30일 DTC를 통한 장부 기록 방식으로 결제됩니다.
핵심 요점: 10년 만기 5.40% 쿠폰은 대형 캐나다 은행에서 경쟁력 있는 고정 수익률을 제공하지만, 투자자는 콜, 신용, 바일인 및 유동성 위험을 신중히 고려해야 합니다.
Présentation de l'offre : Canadian Imperial Bank of Commerce (TSX/NYSE : CM) commercialise une nouvelle série de Senior Global Medium-Term Notes : des billets remboursables à 5,40 % échéance 30 juillet 2035 (CUSIP 13607XYD3). Le montant principal agrégé préliminaire n'est pas spécifié, chaque billet étant émis en coupures de 1 000 $ et multiples entiers. Les intérêts courent selon une base 30/360 et sont payés semestriellement les 30 janvier et 30 juillet, à partir du 30 janvier 2026.
Option de remboursement anticipé : CIBC peut racheter les billets en totalité mais pas partiellement à leur valeur nominale plus intérêts courus à chaque date de paiement des intérêts le 30 juillet de 2027 à 2034. Un préavis de 2 à 20 jours ouvrables sera communiqué uniquement via DTC ; les détenteurs ne reçoivent pas d'avis direct. En cas de rachat, les investisseurs renoncent aux coupons futurs et doivent réinvestir aux taux en vigueur.
Tarification et distribution : Les billets sont proposés à 100 % de la valeur nominale pour les acheteurs de détail, avec des concessions pouvant réduire le prix d'achat à 98 % pour les comptes de conseil à honoraires fixes. CIBC World Markets Corp. (CIBCWM) agit en tant qu'agent et perçoit jusqu'à 2,00 % (20 $ par tranche de 1 000 $). Le produit net pour CIBC est d'au moins 98 % de la valeur nominale. Les billets ne sont pas cotés en bourse et aucun marché secondaire actif n'est garanti, ce qui peut limiter la liquidité.
Structure du capital et rang : L'obligation est senior, non garantie et se classe au même rang que les autres dettes non subordonnées de CIBC. Les paiements dépendent entièrement de la solvabilité de CIBC ; les billets ne sont ni assurés par la CDIC ni par la FDIC.
Régime de bail-in : En tant que dette « bail-inable » selon la Loi sur la Société d'assurance-dépôts du Canada, les billets peuvent être convertis de force en actions ordinaires CIBC ou dépréciés en tout ou en partie si la banque est jugée non viable. Les détenteurs acceptent automatiquement la juridiction de l'Ontario et ne reçoivent aucune compensation au-delà de la valeur de conversion.
Points clés de risque : (1) Risque de remboursement anticipé — CIBC est susceptible de racheter si les coûts de financement baissent, limitant le potentiel de gain pour les investisseurs. (2) Risque de valeur de marché — les prix peuvent chuter sous la valeur nominale en raison des mouvements des taux, des écarts de crédit ou de l'option de remboursement. (3) Risque de crédit et bail-in — les investisseurs risquent une perte de capital en cas de résolution. (4) Risque de liquidité — absence de cotation et tenue de marché discrétionnaire par CIBCWM. (5) Incertitude fiscale — bien que traitée comme une dette aux États-Unis, la conversion bail-in pourrait entraîner des conséquences fiscales canadiennes complexes pour les non-résidents.
Résumé fiscal : Pour les détenteurs américains, les coupons sont considérés comme un revenu ordinaire ; les gains/pertes à la cession sont des gains en capital. Les détenteurs non résidents ne paient généralement pas de retenue à la source canadienne sur les intérêts, mais peuvent être soumis à une retenue sur les dividendes en cas de conversion bail-in.
Règlement : Livraison dématérialisée via DTC prévue le 30 juillet 2025 (T+2 après la date de transaction prévue du 28 juillet).
Conclusion clé : Le coupon de 5,40 % sur 10 ans offre un rendement fixe compétitif d'une grande banque canadienne, mais les investisseurs doivent peser les risques de remboursement anticipé, de crédit, de bail-in et de liquidité avant d'allouer des fonds.
Angebotsübersicht: Die Canadian Imperial Bank of Commerce (TSX/NYSE: CM) bietet eine neue Serie von Senior Global Medium-Term Notes an: 5,40% Callable Notes mit Fälligkeit am 30. Juli 2035 (CUSIP 13607XYD3). Der vorläufige Gesamtnennbetrag ist nicht angegeben, aber jede Note wird in Stückelungen von $1.000 und deren ganzzahligen Vielfachen ausgegeben. Die Zinsen werden nach der 30/360-Methode berechnet und halbjährlich am 30. Januar und 30. Juli ab dem 30. Januar 2026 gezahlt.
Call-Option: CIBC kann die Notes ganz, aber nicht teilweise zum Nennwert zuzüglich aufgelaufener Zinsen an jedem Zinszahlungstag am 30. Juli von 2027 bis 2034 zurückzahlen. Eine Mindestankündigungsfrist von 2 und eine Höchstfrist von 20 Geschäftstagen wird ausschließlich über DTC übermittelt; die Inhaber erhalten keine direkte Benachrichtigung. Bei Ausübung der Call-Option verzichten Anleger auf zukünftige Kupons und müssen zu den dann geltenden Marktzinsen neu investieren.
Preisgestaltung & Vertrieb: Die Notes werden für Privatanleger zum Nennwert von 100% angeboten, mit Nachlässen, die den Kaufpreis für gebührenbasierte Beratungskonten auf 98% senken können. Die CIBC World Markets Corp. (CIBCWM) fungiert als Agent und erhält bis zu 2,00% ($20 pro $1.000). Der Nettoerlös für CIBC beträgt mindestens 98% des Nennwerts. Die Notes sind nicht börsennotiert, und ein aktiver Sekundärmarkt ist nicht garantiert, was die Liquidität einschränken kann.
Kapitalstruktur & Rang: Die Verbindlichkeit ist vorrangig, unbesichert und steht pari passu mit anderen nicht nachrangigen Schulden von CIBC. Die Zahlungen hängen vollständig von der Kreditwürdigkeit von CIBC ab; die Notes sind weder durch CDIC noch FDIC versichert.
Bail-in-Regime: Als „bail-infähige“ Schulden gemäß dem Canada Deposit Insurance Corporation Act können die Notes zwangsweise in CIBC-Stammaktien umgewandelt oder ganz oder teilweise abgeschrieben werden, falls die Bank als nicht überlebensfähig eingestuft wird. Inhaber unterwerfen sich automatisch der Gerichtsbarkeit Ontarios und erhalten keine Entschädigung über den Umwandlungswert hinaus.
Risikohinweise: (1) Call-Risiko—CIBC wird wahrscheinlich zurückzahlen, wenn die Finanzierungskosten sinken, was die Aufwärtschancen für Anleger begrenzt. (2) Marktpreisrisiko—Preise können aufgrund von Zinsänderungen, Kreditspreads oder der Call-Option unter den Nennwert fallen. (3) Kredit- & Bail-in-Risiko—Anleger riskieren einen Kapitalverlust im Falle einer Restrukturierung. (4) Liquiditätsrisiko—keine Börsennotierung und diskretionäres Market-Making durch CIBCWM. (5) Steuerliche Unsicherheit—obwohl für US-Zwecke als Schuldverschreibung behandelt, kann die Bail-in-Umwandlung komplexe kanadische Steuerfolgen für Nichtansässige haben.
Steuerübersicht: Für US-Inhaber gelten Kupons als gewöhnliches Einkommen; Gewinne/Verluste aus Veräußerungen sind Kapitalgewinne/-verluste. Nichtansässige unterliegen in der Regel keiner kanadischen Quellensteuer auf Zinsen, können aber bei Bail-in-Umwandlung Quellensteuer auf Dividenden zahlen müssen.
Abwicklung: Die buchmäßige Lieferung über DTC wird voraussichtlich am 30. Juli 2025 erfolgen (T+2 nach dem erwarteten Handelstag am 28. Juli).
Wichtigste Erkenntnis: Der 10-jährige Kupon von 5,40% bietet eine wettbewerbsfähige festverzinsliche Rendite einer großen kanadischen Bank, doch Anleger sollten vor einer Investition die Risiken von Call, Kredit, Bail-in und Liquidität sorgfältig abwägen.
- 5.40% fixed coupon provides ~40 bp yield premium versus comparable U.S. bank senior bonds.
- Senior unsecured ranking places claims ahead of subordinated and equity holders in normal insolvency.
- Annual call from 2027-2034 limits price appreciation and shortens effective duration.
- Bail-in conversion risk could wipe out principal in non-viability scenarios.
- No exchange listing may create liquidity constraints and wider bid-ask spreads.
- Credit concentration: all payments depend solely on CIBC’s credit profile.
Insights
TL;DR: Attractive 5.40% coupon, but callability and bail-in risk cap upside and elevate downside.
The note offers yield premium over comparable U.S. bank senior bonds of similar maturity (currently ~5.0%), giving investors ~40 bp pick-up. However, CIBC can redeem from year 2, limiting duration if rates fall. Because the call is at par, yield-to-worst could be materially lower than the 5.40% coupon. The instrument is senior unsecured, yet Canada’s statutory bail-in means holders can be converted to equity in distress—credit spread compensation appears modest for that structural subordination. Lack of exchange listing and dealer-driven liquidity may widen bid-ask spreads. Overall, the issuance is a neutral credit event for CM—routine funding—but investors should demand adequate spread for embedded risks.
TL;DR: Bail-in language gives regulators wide powers; investors assume potential forced conversion.
Under CDIC Act 39.2, regulators can convert these notes to common equity without shareholder or court approval. The pricing supplement clarifies holders irrevocably consent to such action and submit to Ontario jurisdiction. For U.S. investors accustomed to senior bank debt resolution via FDIC, this is a steeper loss-absorption mechanism. While typical for Canadian banks, it is still a negative relative to similarly-rated U.S. peers. The call schedule starting 2027 further skews risk/return toward the issuer. From a regulatory standpoint the document is clear, but risk-adjusted investor value is questionable.
Panoramica dell'offerta: Canadian Imperial Bank of Commerce (TSX/NYSE: CM) propone una nuova serie di Senior Global Medium-Term Notes: Note Callable al 5,40% con scadenza 30 luglio 2035 (CUSIP 13607XYD3). L'importo aggregato preliminare non è specificato, ma ogni nota è emessa in tagli da $1.000 e multipli interi di tale importo. Gli interessi maturano secondo il metodo 30/360 e sono pagati semestralmente il 30 gennaio e il 30 luglio, a partire dal 30 gennaio 2026.
Caratteristica di rimborso anticipato: CIBC può rimborsare le note interamente ma non parzialmente al valore nominale più gli interessi maturati in qualsiasi data di pagamento degli interessi del 30 luglio dal 2027 al 2034. L’avviso, che varia da un minimo di 2 a un massimo di 20 giorni lavorativi, sarà comunicato solo tramite DTC; i detentori non ricevono avvisi diretti. In caso di rimborso anticipato, gli investitori rinunciano ai futuri cedolari e devono reinvestire ai tassi correnti.
Prezzo e distribuzione: Le note sono offerte al 100% del valore nominale per gli acquirenti retail, con sconti che possono portare il prezzo fino al 98% per conti di consulenza a tariffa fissa. CIBC World Markets Corp. (CIBCWM) agisce come agente e riceve fino al 2,00% ($20 per $1.000). Il ricavato netto per CIBC è almeno il 98% del valore nominale. Le note non sono quotate in borsa e non è garantita un’attività di mercato secondario, limitando potenzialmente la liquidità.
Struttura del capitale e rango: L’obbligazione è senior, non garantita e ha pari rango con altri debiti non subordinati di CIBC. I pagamenti dipendono esclusivamente dalla solidità creditizia di CIBC; le note non sono assicurate da CDIC né da FDIC.
Regime bail-in: In quanto debito “bail-inable” ai sensi della Canada Deposit Insurance Corporation Act, le note possono essere convertite forzatamente in azioni ordinarie CIBC o svalutate parzialmente o totalmente se la banca è considerata non solvibile. I detentori accettano automaticamente la giurisdizione dell’Ontario e non ricevono compensi oltre al valore di conversione.
Rischi principali: (1) Rischio di rimborso anticipato—CIBC potrebbe rimborsare se i costi di finanziamento diminuiscono, limitando il potenziale guadagno. (2) Rischio di valore di mercato—i prezzi possono scendere sotto il valore nominale a causa di variazioni dei tassi, degli spread di credito o dell’opzione di rimborso. (3) Rischio di credito e bail-in—gli investitori rischiano la perdita del capitale in caso di risoluzione. (4) Rischio di liquidità—assenza di quotazione e market-making discrezionale da parte di CIBCWM. (5) Incertezza fiscale—sebbene trattate come debito negli Stati Uniti, la conversione bail-in potrebbe comportare complesse implicazioni fiscali canadesi per i non residenti.
Riepilogo fiscale: Per i detentori statunitensi, i cedolari sono considerati reddito ordinario; plusvalenze/perdite da vendita sono capitali. I non residenti generalmente non pagano ritenute canadesi sugli interessi, ma potrebbero subire ritenute sui dividendi in caso di conversione bail-in.
Regolamento: Consegna in forma dematerializzata tramite DTC prevista per il 30 luglio 2025 (T+2 rispetto alla data di negoziazione prevista del 28 luglio).
Conclusione chiave: Il coupon del 5,40% su 10 anni offre un rendimento fisso competitivo da una grande banca canadese, ma gli investitori devono valutare attentamente i rischi di rimborso anticipato, credito, bail-in e liquidità prima di investire.
Resumen de la oferta: Canadian Imperial Bank of Commerce (TSX/NYSE: CM) está comercializando una nueva serie de Senior Global Medium-Term Notes: Notas Callable al 5,40% con vencimiento el 30 de julio de 2035 (CUSIP 13607XYD3). El importe principal agregado preliminar no está especificado, pero cada nota se emite en denominaciones de $1,000 y múltiplos enteros de esta cantidad. Los intereses se acumulan según la base 30/360 y se pagan semestralmente el 30 de enero y el 30 de julio, comenzando el 30 de enero de 2026.
Característica de llamada: CIBC puede redimir las notas en su totalidad pero no en parte al valor nominal más intereses acumulados en cualquier fecha de pago de intereses del 30 de julio desde 2027 hasta 2034. Se entregará un aviso con un mínimo de 2 y un máximo de 20 días hábiles únicamente a través de DTC; los tenedores no reciben notificación directa. Si se realiza la llamada, los inversores renuncian a futuros cupones y deben reinvertir a las tasas vigentes.
Precio y distribución: Las notas se venden al 100% del valor nominal para compradores minoristas, con concesiones que pueden reducir el precio hasta el 98% para cuentas de asesoría con tarifa fija. CIBC World Markets Corp. (CIBCWM) actúa como agente y recibe hasta un 2,00% ($20 por $1,000). Los ingresos netos para CIBC son al menos el 98% del valor nominal. Las notas no están listadas en bolsa y no se garantiza un mercado secundario activo, lo que puede limitar la liquidez.
Estructura de capital y rango: La obligación es senior, no garantizada y tiene rango pari passu con otras deudas no subordinadas de CIBC. Los pagos dependen totalmente de la solvencia crediticia de CIBC; las notas no están aseguradas por CDIC ni FDIC.
Régimen de bail-in: Como deuda “bail-inable” bajo la Ley de la Corporación de Seguro de Depósitos de Canadá, las notas pueden ser convertidas forzosamente en acciones comunes de CIBC o reducidas total o parcialmente si el banco se considera no viable. Los tenedores aceptan automáticamente la jurisdicción de Ontario y no reciben compensación más allá del valor de conversión.
Aspectos de riesgo: (1) Riesgo de llamada: CIBC probablemente redimirá si los costos de financiamiento bajan, limitando el potencial de ganancia. (2) Riesgo de valor de mercado: los precios pueden caer por debajo del valor nominal debido a movimientos en tasas, spreads de crédito o la opción de llamada. (3) Riesgo de crédito y bail-in: los inversores enfrentan pérdida de principal en un escenario de resolución. (4) Riesgo de liquidez: ausencia de cotización y creación de mercado discrecional por parte de CIBCWM. (5) Incertidumbre fiscal: aunque se tratan como deuda para fines fiscales en EE.UU., la conversión bail-in podría generar complejas consecuencias fiscales canadienses para no residentes.
Resumen fiscal: Para tenedores estadounidenses, los cupones son ingresos ordinarios; las ganancias/pérdidas por disposición son ganancias de capital. Los no residentes generalmente no deben retención canadiense sobre intereses, pero pueden enfrentar retención sobre dividendos si ocurre la conversión bail-in.
Liquidación: Entrega en forma electrónica vía DTC prevista para el 30 de julio de 2025 (T+2 después de la fecha de negociación esperada del 28 de julio).
Conclusión clave: El cupón del 5,40% a 10 años ofrece un rendimiento fijo competitivo de un gran banco canadiense, pero los inversores deben considerar los riesgos de llamada, crédito, bail-in y liquidez antes de asignar fondos.
제안 개요: Canadian Imperial Bank of Commerce (TSX/NYSE: CM)는 새로운 시리즈의 선순위 글로벌 중기채권을 마케팅하고 있습니다: 5.40% 콜러블 노트, 만기일 2035년 7월 30일 (CUSIP 13607XYD3). 예비 총 원금 금액은 미정이지만 각 노트는 $1,000 단위로 발행되며 그 배수로 발행됩니다. 이자는 30/360 방식으로 계산되며 2026년 1월 30일부터 시작하여 매년 1월 30일과 7월 30일에 반기별로 지급됩니다.
콜 옵션: CIBC는 2027년부터 2034년까지 매 7월 30일 이자 지급일에 노트를 부분이 아닌 전부 액면가와 누적 이자와 함께 상환할 수 있습니다. 최소 2영업일에서 최대 20영업일의 통지가 DTC를 통해서만 전달되며, 투자자에게는 직접 통지가 이루어지지 않습니다. 콜이 이루어질 경우 투자자는 미래 쿠폰 수익을 포기하고 당시 시장 금리로 재투자해야 합니다.
가격 및 배포: 일반 소매 투자자에게는 액면가의 100%로 가격이 책정되며, 수수료 기반 자문 계좌의 경우 구매 가격이 98%까지 낮아질 수 있는 할인 혜택이 있습니다. CIBC World Markets Corp.(CIBCWM)이 대리인 역할을 하며 최대 2.00%($1,000당 $20)를 수취합니다. CIBC에 대한 순수익은 최소 액면가의 98%입니다. 이 노트는 거래소 상장되지 않았으며, 활발한 2차 시장이 보장되지 않아 유동성이 제한될 수 있습니다.
자본 구조 및 순위: 이 채무는 선순위 무담보로 CIBC의 다른 비후순위 부채와 동등한 순위를 가집니다. 지급은 전적으로 CIBC의 신용도에 의존하며, 노트는 CDIC 또는 FDIC 보험이 적용되지 않습니다.
바일인 제도: 캐나다 예금 보험 공사법에 따른 “바일인 가능” 부채로서, 은행이 부실로 간주될 경우 노트는 강제로 CIBC 보통주로 전환되거나 전부 또는 일부 감액될 수 있습니다. 보유자는 자동으로 온타리오 주 법률 관할에 따르며 전환 가치 이상의 보상을 받지 않습니다.
위험 요약: (1) 콜 위험—금융 비용이 하락하면 CIBC가 상환할 가능성이 높아 투자자의 상승 잠재력이 제한됩니다. (2) 시장 가치 위험—금리 변동, 신용 스프레드 또는 콜 옵션으로 인해 가격이 액면가 이하로 떨어질 수 있습니다. (3) 신용 및 바일인 위험—해결 시나리오에서 원금 손실 위험이 있습니다. (4) 유동성 위험—상장 미비 및 CIBCWM의 재량적 시장 조성. (5) 세금 불확실성—미국 세법상 부채로 간주되지만, 바일인 전환 시 비거주자에게 복잡한 캐나다 세금 문제가 발생할 수 있습니다.
세금 요약: 미국 보유자는 쿠폰이 일반 소득으로 과세되며, 처분 시 손익은 자본 이득으로 처리됩니다. 비거주자는 일반적으로 이자에 대해 캐나다 원천징수를 내지 않지만, 바일인 전환 시 배당에 대해 원천징수를 받을 수 있습니다.
결제: 예상 거래일인 7월 28일로부터 T+2인 2025년 7월 30일 DTC를 통한 장부 기록 방식으로 결제됩니다.
핵심 요점: 10년 만기 5.40% 쿠폰은 대형 캐나다 은행에서 경쟁력 있는 고정 수익률을 제공하지만, 투자자는 콜, 신용, 바일인 및 유동성 위험을 신중히 고려해야 합니다.
Présentation de l'offre : Canadian Imperial Bank of Commerce (TSX/NYSE : CM) commercialise une nouvelle série de Senior Global Medium-Term Notes : des billets remboursables à 5,40 % échéance 30 juillet 2035 (CUSIP 13607XYD3). Le montant principal agrégé préliminaire n'est pas spécifié, chaque billet étant émis en coupures de 1 000 $ et multiples entiers. Les intérêts courent selon une base 30/360 et sont payés semestriellement les 30 janvier et 30 juillet, à partir du 30 janvier 2026.
Option de remboursement anticipé : CIBC peut racheter les billets en totalité mais pas partiellement à leur valeur nominale plus intérêts courus à chaque date de paiement des intérêts le 30 juillet de 2027 à 2034. Un préavis de 2 à 20 jours ouvrables sera communiqué uniquement via DTC ; les détenteurs ne reçoivent pas d'avis direct. En cas de rachat, les investisseurs renoncent aux coupons futurs et doivent réinvestir aux taux en vigueur.
Tarification et distribution : Les billets sont proposés à 100 % de la valeur nominale pour les acheteurs de détail, avec des concessions pouvant réduire le prix d'achat à 98 % pour les comptes de conseil à honoraires fixes. CIBC World Markets Corp. (CIBCWM) agit en tant qu'agent et perçoit jusqu'à 2,00 % (20 $ par tranche de 1 000 $). Le produit net pour CIBC est d'au moins 98 % de la valeur nominale. Les billets ne sont pas cotés en bourse et aucun marché secondaire actif n'est garanti, ce qui peut limiter la liquidité.
Structure du capital et rang : L'obligation est senior, non garantie et se classe au même rang que les autres dettes non subordonnées de CIBC. Les paiements dépendent entièrement de la solvabilité de CIBC ; les billets ne sont ni assurés par la CDIC ni par la FDIC.
Régime de bail-in : En tant que dette « bail-inable » selon la Loi sur la Société d'assurance-dépôts du Canada, les billets peuvent être convertis de force en actions ordinaires CIBC ou dépréciés en tout ou en partie si la banque est jugée non viable. Les détenteurs acceptent automatiquement la juridiction de l'Ontario et ne reçoivent aucune compensation au-delà de la valeur de conversion.
Points clés de risque : (1) Risque de remboursement anticipé — CIBC est susceptible de racheter si les coûts de financement baissent, limitant le potentiel de gain pour les investisseurs. (2) Risque de valeur de marché — les prix peuvent chuter sous la valeur nominale en raison des mouvements des taux, des écarts de crédit ou de l'option de remboursement. (3) Risque de crédit et bail-in — les investisseurs risquent une perte de capital en cas de résolution. (4) Risque de liquidité — absence de cotation et tenue de marché discrétionnaire par CIBCWM. (5) Incertitude fiscale — bien que traitée comme une dette aux États-Unis, la conversion bail-in pourrait entraîner des conséquences fiscales canadiennes complexes pour les non-résidents.
Résumé fiscal : Pour les détenteurs américains, les coupons sont considérés comme un revenu ordinaire ; les gains/pertes à la cession sont des gains en capital. Les détenteurs non résidents ne paient généralement pas de retenue à la source canadienne sur les intérêts, mais peuvent être soumis à une retenue sur les dividendes en cas de conversion bail-in.
Règlement : Livraison dématérialisée via DTC prévue le 30 juillet 2025 (T+2 après la date de transaction prévue du 28 juillet).
Conclusion clé : Le coupon de 5,40 % sur 10 ans offre un rendement fixe compétitif d'une grande banque canadienne, mais les investisseurs doivent peser les risques de remboursement anticipé, de crédit, de bail-in et de liquidité avant d'allouer des fonds.
Angebotsübersicht: Die Canadian Imperial Bank of Commerce (TSX/NYSE: CM) bietet eine neue Serie von Senior Global Medium-Term Notes an: 5,40% Callable Notes mit Fälligkeit am 30. Juli 2035 (CUSIP 13607XYD3). Der vorläufige Gesamtnennbetrag ist nicht angegeben, aber jede Note wird in Stückelungen von $1.000 und deren ganzzahligen Vielfachen ausgegeben. Die Zinsen werden nach der 30/360-Methode berechnet und halbjährlich am 30. Januar und 30. Juli ab dem 30. Januar 2026 gezahlt.
Call-Option: CIBC kann die Notes ganz, aber nicht teilweise zum Nennwert zuzüglich aufgelaufener Zinsen an jedem Zinszahlungstag am 30. Juli von 2027 bis 2034 zurückzahlen. Eine Mindestankündigungsfrist von 2 und eine Höchstfrist von 20 Geschäftstagen wird ausschließlich über DTC übermittelt; die Inhaber erhalten keine direkte Benachrichtigung. Bei Ausübung der Call-Option verzichten Anleger auf zukünftige Kupons und müssen zu den dann geltenden Marktzinsen neu investieren.
Preisgestaltung & Vertrieb: Die Notes werden für Privatanleger zum Nennwert von 100% angeboten, mit Nachlässen, die den Kaufpreis für gebührenbasierte Beratungskonten auf 98% senken können. Die CIBC World Markets Corp. (CIBCWM) fungiert als Agent und erhält bis zu 2,00% ($20 pro $1.000). Der Nettoerlös für CIBC beträgt mindestens 98% des Nennwerts. Die Notes sind nicht börsennotiert, und ein aktiver Sekundärmarkt ist nicht garantiert, was die Liquidität einschränken kann.
Kapitalstruktur & Rang: Die Verbindlichkeit ist vorrangig, unbesichert und steht pari passu mit anderen nicht nachrangigen Schulden von CIBC. Die Zahlungen hängen vollständig von der Kreditwürdigkeit von CIBC ab; die Notes sind weder durch CDIC noch FDIC versichert.
Bail-in-Regime: Als „bail-infähige“ Schulden gemäß dem Canada Deposit Insurance Corporation Act können die Notes zwangsweise in CIBC-Stammaktien umgewandelt oder ganz oder teilweise abgeschrieben werden, falls die Bank als nicht überlebensfähig eingestuft wird. Inhaber unterwerfen sich automatisch der Gerichtsbarkeit Ontarios und erhalten keine Entschädigung über den Umwandlungswert hinaus.
Risikohinweise: (1) Call-Risiko—CIBC wird wahrscheinlich zurückzahlen, wenn die Finanzierungskosten sinken, was die Aufwärtschancen für Anleger begrenzt. (2) Marktpreisrisiko—Preise können aufgrund von Zinsänderungen, Kreditspreads oder der Call-Option unter den Nennwert fallen. (3) Kredit- & Bail-in-Risiko—Anleger riskieren einen Kapitalverlust im Falle einer Restrukturierung. (4) Liquiditätsrisiko—keine Börsennotierung und diskretionäres Market-Making durch CIBCWM. (5) Steuerliche Unsicherheit—obwohl für US-Zwecke als Schuldverschreibung behandelt, kann die Bail-in-Umwandlung komplexe kanadische Steuerfolgen für Nichtansässige haben.
Steuerübersicht: Für US-Inhaber gelten Kupons als gewöhnliches Einkommen; Gewinne/Verluste aus Veräußerungen sind Kapitalgewinne/-verluste. Nichtansässige unterliegen in der Regel keiner kanadischen Quellensteuer auf Zinsen, können aber bei Bail-in-Umwandlung Quellensteuer auf Dividenden zahlen müssen.
Abwicklung: Die buchmäßige Lieferung über DTC wird voraussichtlich am 30. Juli 2025 erfolgen (T+2 nach dem erwarteten Handelstag am 28. Juli).
Wichtigste Erkenntnis: Der 10-jährige Kupon von 5,40% bietet eine wettbewerbsfähige festverzinsliche Rendite einer großen kanadischen Bank, doch Anleger sollten vor einer Investition die Risiken von Call, Kredit, Bail-in und Liquidität sorgfältig abwägen.
Filed Pursuant to Rule 424(b)(2)
Registration No. 333-272447
The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement and the accompanying prospectus supplement and prospectus are not an offer to sell these securities and we are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
| Subject to Completion, Dated July 10, 2025 |  |
| PRICING SUPPLEMENT dated , 2025 | |
| (To Prospectus Supplement dated September 5, 2023 and | |
| Prospectus dated September 5, 2023) |
Canadian Imperial Bank of Commerce
Senior Global Medium-Term Notes
$ 5.40% Callable Notes due July 30, 2035
We, Canadian Imperial Bank of Commerce (the "Bank" or "CIBC"), are offering $ aggregate principal amount of 5.40% Callable Notes due July 30, 2035 (CUSIP: 13607XYD3 / ISIN: US13607XYD38) (the "Notes").
At maturity, if the Notes have not been previously redeemed, you will receive a cash payment equal to 100% of the principal amount, plus any accrued and unpaid interest. Interest will be paid semi-annually on January 30 and July 30 of each year, commencing on January 30, 2026 and ending on the Maturity Date. The Notes will accrue interest semi-annually at a rate of 5.40% per annum during the term of the Notes.
We have the right to redeem the Notes, in whole but not in part, annually, on the Interest Payment Date falling on July 30 of each year, beginning on July 30, 2027 and ending on July 30, 2034. The Redemption Price will be 100% of the principal amount plus accrued and unpaid interest to, but excluding, the applicable Optional Redemption Date.
The Notes will be issued in minimum denominations of $1,000, and integral multiples of $1,000 in excess thereof.
The Notes will not be listed on any securities exchange.
The Notes are unsecured obligations of CIBC and all payments on the Notes are subject to the credit risk of CIBC. The Notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other government agency or instrumentality of Canada, the United States or any other jurisdiction.
Neither the Securities and Exchange Commission (the “SEC”) nor any state or provincial securities commission has approved or disapproved of these Notes or determined if this pricing supplement or the accompanying prospectus supplement and prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The Notes are bail-inable debt securities (as defined in the accompanying prospectus) and subject to conversion in whole or in part – by means of a transaction or series of transactions and in one or more steps – into common shares of the Bank or any of its affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act (the “CDIC Act”) and to variation or extinguishment in consequence, and subject to the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to the Notes. See “Description of Senior Debt Securities — Special Provisions Related to Bail-inable Debt Securities” and “— Canadian Bank Resolution Powers” in the accompanying prospectus and “Risk Factors — Risks Relating to Bail-Inable Notes” in the accompanying prospectus supplement.
Investing in the Notes involves risks. See the “Additional Risk Factors” beginning on page PS-5 of this pricing supplement and the “Risk Factors” beginning on page S-1 of the accompanying prospectus supplement and page 1 of the prospectus.
| |
Price to Public (Original Issue Price)(1) |
Underwriting Discount(1)(2) | Proceeds to CIBC |
| Per Note | $1,000.00 | Up to $20.00 | At least $980.00 |
| Total | $ | $ | $ |
| (1) | Because certain dealers who purchase the Notes for sale to certain fee-based advisory accounts may forgo some or all of their commissions or selling concessions, the price to public for investors purchasing the Notes in these accounts may be between $980.00 and $1,000.00 per Note. | |
| (2) | CIBC World Markets Corp. ("CIBCWM"), acting as agent for the Bank, will receive a commission of up to $20.00 (2.00%) per $1,000 principal amount of the Notes. CIBCWM may use a portion or all of its commission to allow selling concessions to other dealers in connection with the distribution of the Notes. The other dealers may forgo, in their sole discretion, some or all of their selling concessions. See "Supplemental Plan of Distribution (Conflicts of Interest)" on page PS-11 of this pricing supplement. |
We will deliver the Notes in book-entry form through the facilities of The Depository Trust Company (“DTC”) on or about July 30, 2025 against payment in immediately available funds.
CIBC Capital Markets
ABOUT THIS PRICING SUPPLEMENT
You should read this pricing supplement together with the prospectus dated September 5, 2023 (the “prospectus”) and the prospectus supplement dated September 5, 2023 (the “prospectus supplement”), each relating to our Senior Global Medium-Term Notes of which these Notes are a part, for additional information about the Notes. Information in this pricing supplement supersedes information in the prospectus supplement and the prospectus to the extent it is different from that information. Certain defined terms used but not defined herein have the meanings set forth in the prospectus supplement or the prospectus.
You should rely only on the information contained in or incorporated by reference in this pricing supplement and the accompanying prospectus supplement and the prospectus. This pricing supplement may be used only for the purpose for which it has been prepared. No one is authorized to give information other than that contained in this pricing supplement and the accompanying prospectus supplement and the prospectus, and in the documents referred to in these documents and which are made available to the public. We have not, and CIBCWM has not, authorized any other person to provide you with different or additional information. If anyone provides you with different or additional information, you should not rely on it.
We are not, and CIBCWM is not, making an offer to sell the Notes in any jurisdiction where the offer or sale is not permitted. You should not assume that the information contained in or incorporated by reference in this pricing supplement or the accompanying prospectus supplement or the prospectus is accurate as of any date other than the date of the applicable document. Our business, financial condition, results of operations and prospects may have changed since that date. Neither this pricing supplement nor the accompanying prospectus supplement or the prospectus constitutes an offer, or an invitation on our behalf or on behalf of CIBCWM, to subscribe for and purchase any of the Notes and may not be used for or in connection with an offer or solicitation by anyone in any jurisdiction in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.
References to “CIBC,” “the Issuer,” “the Bank,” “we,” “us” and “our” in this pricing supplement are references to Canadian Imperial Bank of Commerce and not to any of our subsidiaries, unless we state otherwise or the context otherwise requires.
You may access the prospectus supplement and the prospectus on the SEC website www.sec.gov as follows (or if such address has changed, by reviewing our filing for the relevant date on the SEC website):
| · | Prospectus supplement dated September 5, 2023: | |
| | | https://www.sec.gov/Archives/edgar/data/1045520/000110465923098166/tm2322483d94_424b5.htm |
| · | Prospectus dated September 5, 2023: | |
| | | https://www.sec.gov/Archives/edgar/data/1045520/000110465923098163/tm2325339d10_424b3.htm |
| PS-1 |
SUMMARY
The information in this “Summary” section is qualified by the more detailed information set forth in the accompanying prospectus supplement and the prospectus. See “About This Pricing Supplement” in this pricing supplement.
| Issuer: | Canadian Imperial Bank of Commerce (the “Issuer” or the “Bank”) |
| Type of Note: | 5.40% Callable Notes due July 30, 2035 |
| CUSIP/ISIN: | 13607XYD3 / US13607XYD38 |
| Minimum Denominations: | $1,000 and integral multiples of $1,000 in excess thereof. |
| Principal Amount: | $1,000 per Note |
| Aggregate Principal Amount of Notes: | $ |
| Currency: | U.S. Dollars (“$”) |
| Term: | 10 years, unless previously called |
| Trade Date: | Expected to be July 28, 2025 |
| Original Issue Date: | Expected to be July 30, 2025 (to be determined on the Trade Date and expected to be the 2nd scheduled Business Day after the Trade Date) |
| Maturity Date: | Expected to be July 30, 2035, subject to early redemption and postponement as described in “—Business Day Convention” below. |
| Interest Accrual Date: | July 30, 2025 |
| Interest Rate: | Subject to early redemption, the Notes will accrue interest semi-annually at a rate of 5.40% per annum. |
| Interest Period: | The period from and including the original issue date to but excluding the immediately following scheduled interest payment date, and each successive period from and including a scheduled interest payment date to but excluding the next scheduled interest payment date. |
| Interest Payment Dates: | Semi-annually, payable in arrears on January 30 and July 30 of each year, commencing on January 30, 2026 and ending on the Maturity Date, subject to postponement as described in “—Business Day Convention” below. |
| Day Count Fraction: | 30/360 Unadjusted |
| Record Date: | Interest will be payable to the persons in whose names the Notes are registered at the close of business on the Business Day immediately preceding each Interest Payment Date, which we |
| PS-2 |
| | refer to as a “regular record date,” except that the interest due at maturity or upon early redemption will be paid to the persons in whose names the Notes are registered on the Maturity Date or the Optional Redemption Date, as applicable. |
| Optional Early Redemption / Redemption Price: |
We have the right to redeem the Notes, in whole but not in part, on any Optional Redemption Date. The Redemption Price will be 100% of the principal amount plus any accrued and unpaid interest to, but excluding, the date of such redemption. If we elect to redeem the Notes, we will send a notice to DTC through the trustee at least 2 Business Days and no more than 20 Business Days before the applicable Optional Redemption Date. We will have no independent obligation to notify you directly. If the Notes are redeemed early, they will cease to be outstanding on the applicable Optional Redemption Date, and no further payments will be made on the Notes. |
| Optional Redemption Dates: | Annually, on the Interest Payment Date falling on July 30 of each year, beginning on July 30, 2027 and ending on July 30, 2034, subject to postponement as described in “—Business Day Convention” below. |
| Canadian Bail-in Powers: | The Notes are bail-inable debt securities and subject to conversion in whole or in part – by means of a transaction or series of transactions and in one or more steps – into common shares of the Bank or any of its affiliates under subsection 39.2(2.3) of the CDIC Act and to variation or extinguishment in consequence, and subject to the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to the Notes. See “Description of Senior Debt Securities — Special Provisions Related to Bail-inable Debt Securities” and “— Canadian Bank Resolution Powers” in the accompanying prospectus and “Risk Factors — Risks Relating to Bail-Inable Notes” in the accompanying prospectus supplement for a description of provisions and risks applicable to the Notes as a result of Canadian bail-in powers. |
| Agreement with Respect to the Exercise of Canadian Bail-in Powers: |
By its acquisition of an interest in any Note, each holder or beneficial owner of that Note is deemed to (i) agree to be bound, in respect of the Notes, by the CDIC Act, including the conversion of the Notes, in whole or in part – by means of a transaction or series of transactions and in one or more steps – into common shares of the Bank or any of its affiliates under subsection 39.2(2.3) of the CDIC Act and the variation or extinguishment of the Notes in consequence, and by the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to the Notes; (ii) attorn and submit to the jurisdiction of the courts in the Province of Ontario with respect to the CDIC Act and those laws; and (iii) acknowledge and agree that the terms referred to in paragraphs (i) and (ii), above, are binding on that holder or beneficial owner despite any provisions in the indenture or the Notes, any other law that governs the Notes and any other agreement, arrangement or understanding between that holder or beneficial owner and the Bank with respect to the Notes. Holders and beneficial owners of Notes will have no further rights in respect of their bail-inable debt securities to the extent those bail-inable debt securities are converted in a bail-in conversion, other than those provided under the bail-in regime, and by its acquisition of an interest in any Note, each holder or beneficial owner of that Note is deemed to irrevocably consent to the converted portion of the principal amount of that Note and any accrued and unpaid interest thereon being deemed paid in full by the Bank by the issuance of common shares of the Bank (or, if applicable, any of its affiliates) upon the occurrence of a bail-in conversion, which bail-in conversion will occur without any further action on the part of that holder or beneficial owner or the trustee; provided that, for the avoidance of doubt, this consent will not limit or otherwise affect any rights that holders or beneficial owners may have under the bail-in regime. |
| PS-3 |
| | See “Description of Senior Debt Securities— Special Provisions Related to Bail-inable Debt Securities” and “— Canadian Bank Resolution Powers” in the accompanying prospectus and “Risk Factors — Risks Relating to Bail-Inable Notes” in the accompanying prospectus supplement for a description of provisions and risks applicable to the Notes as a result of Canadian bail-in powers. |
| Calculation Agent: |
Canadian Imperial Bank of Commerce. We may appoint a different Calculation Agent without your consent and without notifying you. All determinations made by the Calculation Agent will be at its sole discretion, and, in the absence of manifest error, will be conclusive for all purposes and binding on us and you. All percentages and other amounts resulting from any calculation with respect to the Notes will be rounded at the Calculation Agent’s discretion. The Calculation Agent will have no liability for its determinations. |
| Ranking: | Senior, unsecured |
| Business Day: | A Monday, Tuesday, Wednesday, Thursday or Friday that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York. |
| Business Day Convention: | Following. If any scheduled payment date is not a Business Day, the payment will be made on the next succeeding Business Day. No additional interest will accrue on the Notes as a result of such postponement, and no adjustment will be made to the length of the relevant interest period. |
| Listing: | None |
| Withholding: | The Bank or the applicable paying agent will deduct or withhold from a payment on a Note any present or future tax, duty, assessment or other governmental charge that the Bank determines is required by law or the interpretation or administration thereof to be deducted or withheld. Payments on a Note will not be increased by any amount to offset such deduction or withholding. |
The Trade Date and the other dates set forth above are subject to change, and will be set forth in the final pricing supplement relating to the Notes.
| PS-4 |
ADDITIONAL RISK FACTORS
An investment in the Notes involves significant risks. In addition to the following risks included in this pricing supplement, we urge you to read “Risk Factors” beginning on page S-1 of the accompanying prospectus supplement and “Risk Factors” beginning on page 1 of the accompanying prospectus.
You should understand the risks of investing in the Notes and should reach an investment decision only after careful consideration, with your advisers, of the suitability of the Notes in light of your particular financial circumstances and the information set forth in this pricing supplement and the accompanying prospectus supplement and the prospectus.
Structure Risks
We May Redeem The Notes Prior To Maturity, In Which Case You Will Receive No Further Interest Payments.
We retain the option to redeem the Notes, in whole but not in part, on any Optional Redemption Date by giving at least 2 Business Days and no more than 20 Business Days’ prior notice. It is more likely that we will redeem the Notes prior to their stated Maturity Date to the extent that the interest payable on the Notes is greater than the interest that would be payable on our other instruments of a comparable maturity, terms and credit rating trading in the market. If the Notes are redeemed prior to their stated Maturity Date, you will receive no further interest payments from the Notes redeemed and may have to re-invest the proceeds in a lower rate environment.
The Price At Which The Notes May Be Sold Prior To Maturity Will Depend On A Number Of Factors And May Be Substantially Less Than The Amount For Which They Were Originally Purchased.
The price at which the Notes may be sold prior to maturity will depend on a number of factors. Some of these factors include, but are not limited to: (i) changes in interest rates generally, (ii) any actual or anticipated changes in our credit ratings or credit spreads, and (iii) time remaining to maturity. In particular, because the terms of the Notes permit us to redeem the Notes prior to maturity, the price of the Notes may be impacted by the redemption feature of the Notes. Additionally, the interest rates of the Notes reflect not only our credit spread generally but also the redemption feature of the Notes and thus may not reflect the rate at which a note without a redemption feature and increasing interest rate might be issued and sold.
Depending on the actual or anticipated level of interest rates, the market value of the Notes may decrease and you may receive substantially less than 100% of the original issue price if you sell your Notes prior to maturity.
The Notes Are Riskier Than Notes With A Shorter Term.
The Notes are relatively long-dated. Therefore, many of the risks of the Notes are heightened as compared to notes with a shorter term, as you will be subject to those risks for a longer period of time. In addition, the value of a longer-dated note is typically less than the value of an otherwise comparable note with a shorter term.
The Notes Will Be Subject To Risks, Including Conversion In Whole Or In Part — By Means Of A Transaction Or Series Of Transactions And In One Or More Steps — Into Common Shares Of CIBC Or Any Of Its Affiliates, Under Canadian Bank Resolution Powers.
Under Canadian bank resolution powers, the Canada Deposit Insurance Corporation (the “CDIC”) may, in circumstances where CIBC has ceased, or is about to cease, to be viable, assume temporary control or ownership of CIBC and may be granted broad powers by one or more orders of the Governor in Council (Canada), including the power to sell or dispose of all or a part of the assets of CIBC, and the power to carry out or cause CIBC to carry out a transaction or a series of transactions the purpose of which is to restructure the business of CIBC. If the CDIC were to take action under the Canadian bank resolution powers with respect to CIBC, this could result in holders or beneficial owners of the Notes being exposed to losses and conversion of the Notes in whole or in part — by means of a transaction or series of transactions and in one or more steps — into common shares of CIBC or any of its affiliates.
As a result, you should consider the risk that you may lose all or part of your investment, including the principal amount plus any accrued interest, if the CDIC were to take action under the Canadian bank resolution powers, including the bail-in regime, and that any remaining outstanding Notes, or common shares of CIBC or any of its
| PS-5 |
affiliates into which the Notes are converted, may be of little value at the time of a bail-in conversion and thereafter. See “Description of Senior Debt Securities—Special Provisions Related to Bail-inable Debt Securities” and “— Canadian Bank Resolution Powers” in the accompanying prospectus and “Risk Factors — Risks Relating to Bail-Inable Notes” in the accompanying prospectus supplement for a description of provisions and risks applicable to the Notes as a result of Canadian bail-in powers.
The Tax Treatment Of The Notes Is Uncertain.
Significant aspects of the tax treatment of the Notes are uncertain. You should consult your tax advisor about your own tax situation. See “U.S. Federal Income Tax Considerations” and “Certain Canadian Income Tax Considerations” in this pricing supplement.
Conflicts of Interest
Certain Business, Trading And Hedging Activities Of Us, CIBCWM And Our Other Affiliates May Create Conflicts With Your Interests And Could Potentially Adversely Affect The Value Of The Notes.
We, CIBCWM or one or more of our other affiliates may engage in trading and other business activities that are not for your account or on your behalf (such as holding or selling of the Notes for our proprietary account or effecting secondary market transactions in the Notes for other customers). These activities may present a conflict of interest between your interest in the Notes and the interests we, CIBCWM or one or more of our other affiliates may have in our or their proprietary accounts. We, CIBCWM and our other affiliates may engage in any such activities without regard to the Notes or the effect that such activities may directly or indirectly have on the value of the Notes.
Moreover, we, CIBCWM and our other affiliates play a variety of roles in connection with the issuance of the Notes, including hedging our obligations under the Notes. We expect to hedge our obligations under the Notes through CIBCWM, one of our other affiliates and/or another unaffiliated counterparty, which may include any dealer from which you purchase the Notes. In connection with such activities, the economic interests of us, CIBCWM and our other affiliates may be adverse to your interests as an investor in the Notes. Any of these activities may adversely affect the value of the Notes. In addition, because hedging our obligations entails risk and may be influenced by market forces beyond our control, this hedging activity may result in a profit that is more or less than expected, or it may result in a loss. We, CIBCWM, one or more of our other affiliates or any unaffiliated counterparty will retain any profits realized in hedging our obligations under the Notes even if investors do not receive a favorable investment return under the terms of the Notes or in any secondary market transaction. Any profit in connection with such hedging activities will be in addition to any other compensation that we, CIBCWM, our other affiliates or any unaffiliated counterparty receive for the sale of the Notes, which creates an additional incentive to sell the Notes to you. We, CIBCWM, our other affiliates or any unaffiliated counterparty will have no obligation to take,refrain from taking or cease taking any action with respect to these transactions based on the potential effect on an investor in the Notes.
There Are Potential Conflicts Of Interest Between You And The Calculation Agent.
The calculation agent will determine, among other things, the amount of payments on the Notes. The calculation agent will exercise its judgment when performing its functions. The calculation agent will be required to carry out its duties in good faith and use its reasonable judgment. However, because we will be the calculation agent, potential conflicts of interest could arise. None of us, CIBCWM or any of our other affiliates will have any obligation to consider your interests as a holder of the Notes in taking any action that might affect the value of your Notes.
General Risks
Your Investment Is Subject To The Credit Risk Of The Bank.
The Notes are senior unsecured debt obligations of the Bank and are not, either directly or indirectly, an obligation of any third party. As further described in the accompanying prospectus supplement and prospectus, the Notes will rank on par with all of the other unsecured and unsubordinated debt obligations of the Bank, except such obligations as may be preferred by operation of law. All payments to be made on the Notes, including the interest payments and the return of the principal amount at maturity, depend on the ability of the Bank to satisfy its obligations as they come due. As a result, the actual and perceived creditworthiness of the Bank may affect the market value of the Notes and,
| PS-6 |
in the event the Bank were to default on its obligations, you may not receive the amounts owed to you under the terms of the Notes.
If we default on our obligations under the Notes, your investment would be at risk and you could lose some or all of your investment. See “Description of Senior Debt Securities—Events of Default” in the prospectus.
The Inclusion Of Dealer Spread And Projected Profit From Hedging In The Original Issue Price Is Likely To Adversely Affect Secondary Market Prices.
Assuming no change in market conditions or any other relevant factors, the price, if any, at which CIBCWM or any other party is willing to purchase the Notes at any time in secondary market transactions will likely be significantly lower than the original issue price, since secondary market prices are likely to exclude underwriting commissions paid with respect to the Notes and the cost of hedging our obligations under the Notes that are included in the original issue price. The cost of hedging includes the projected profit that we and/or our affiliates may realize in consideration for assuming the risks inherent in managing the hedging transactions. These secondary market prices are also likely to be reduced by the costs of unwinding the related hedging transactions. In addition, any secondary market prices may differ from values determined by pricing models used by CIBCWM as a result of dealer discounts, mark-ups or other transaction costs.
The Notes Will Not Be Listed On Any Securities Exchange And We Do Not Expect A Trading Market For The Notes To Develop.
The Notes will not be listed on any securities exchange. Although CIBCWM and/or its affiliates may purchase the Notes from holders, they are not obligated to do so and are not required to make a market for the Notes. There can be no assurance that a secondary market will develop for the Notes. Because we do not expect that any market makers will participate in a secondary market for the Notes, the price at which you may be able to sell your Notes is likely to depend on the price, if any, at which CIBCWM and/or its affiliates are willing to buy your Notes.
If a secondary market does exist, it may be limited. Accordingly, there may be a limited number of buyers if you decide to sell your Notes prior to maturity or early redemption. This may affect the price you receive upon such sale. Consequently, you should be willing to hold the Notes to maturity or early redemption.
| PS-7 |
U.S. FEDERAL INCOME TAX CONSIDERATIONS
The following discussion is a brief summary of the material U.S. federal income tax considerations relating to an investment in the Notes. The following summary is not complete and is both qualified and supplemented by (although to the extent inconsistent supersedes) the discussion entitled “Material Income Tax Consequences—United States Taxation” in the accompanying prospectus, which you should carefully review prior to investing in the Notes. It applies only to those U.S. Holders who are not excluded from the discussion of United States Taxation in the accompanying prospectus. You should consult your tax advisor concerning the U.S. federal income tax and other tax consequences of your investment in the Notes in your particular circumstances, including the application of state, local or other tax laws and the possible effects of changes in federal or other tax laws.
In the opinion of Mayer Brown LLP, the Notes should be treated as debt instruments for U.S. federal income tax purposes. Assuming such treatment is respected, the coupon on a Note will be taxable to a U.S. Holder as ordinary interest income at the time it accrues or is received in accordance with the U.S. Holder’s normal method of accounting for tax purposes.
Upon the sale, exchange, retirement or other disposition of a Note, a U.S. Holder will recognize taxable gain or loss equal to the difference, if any, between the amount realized on the sale, exchange, retirement or other disposition, other than accrued but unpaid interest which will be taxable as interest, and such U.S. Holder’s adjusted tax basis in the Note. A U.S. Holder’s adjusted tax basis in a Note generally will equal the cost of the Note to such U.S. Holder, and any such gain or loss will generally be capital gain or loss. For a non-corporate U.S. Holder, under current law, the maximum marginal U.S. federal income tax rate applicable to the gain will be generally lower than the maximum marginal U.S. federal income tax rate applicable to ordinary income if the U.S. Holder’s holding period for the Notes exceeds one year (i.e., such gain is long-term capital gain). Any gain or loss realized on the sale, exchange, retirement or other disposition of a Note generally will be treated as U.S. source gain or loss, as the case may be. Consequently, a U.S. Holder may not be able to claim a credit for any non-U.S. tax imposed upon a disposition of a Note. The deductibility of capital losses is subject to limitations.
| PS-8 |
CERTAIN CANADIAN INCOME TAX CONSIDERATIONS
In the opinion of Blake, Cassels & Graydon LLP, our Canadian tax counsel, the following summary describes the principal Canadian federal income tax considerations under the Income Tax Act (Canada) and the regulations thereto (the “Canadian Tax Act”) generally applicable at the date hereof to a purchaser who acquires beneficial ownership of a Note pursuant to this pricing supplement and who for the purposes of the Canadian Tax Act and at all relevant times: (a) is neither resident nor deemed to be resident in Canada; (b) deals at arm’s length with the Issuer and any transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of the Note; (c) acquires and holds Notes and any common shares acquired on a bail-in conversion as capital property; (d) does not use or hold and is not deemed to use or hold the Note or any common shares acquired on a bail-in conversion in, or in the course of, carrying on a business in Canada; (e) is entitled to receive all payments (including any interest and principal) made on the Note; (f) is not a, and deals at arm’s length with any, “specified shareholder” of the Issuer for purposes of the thin capitalization rules in the Canadian Tax Act; and (g) is not an entity in respect of which the Issuer or any transferee resident (or deemed to be resident) in Canada to whom the purchaser disposes of, loans or otherwise transfers the Note is a “specified entity”, and is not a “specified entity” in respect of such a transferee, in each case, for purposes of the Hybrid Mismatch Rules, as defined below (a “Non-Resident Holder”). Special rules which apply to non-resident insurers carrying on business in Canada and elsewhere are not discussed in this summary.
This summary assumes that no amount paid or payable to a holder described herein will be the deduction component of a “hybrid mismatch arrangement” under which the payment arises within the meaning of the rules in the Canadian Tax Act with respect to “hybrid mismatch arrangements” (the “Hybrid Mismatch Rules”). Investors should note that the Hybrid Mismatch Rules are highly complex and there remains significant uncertainty as to their interpretation and application.
This summary is supplemental to and should be read together with the description of material Canadian federal income tax considerations relevant to a Non-Resident Holder owning Notes under “Material Income Tax Consequences—Canadian Taxation” in the accompanying prospectus and a Non-Resident Holder should carefully read that description as well.
For the purposes of the Canadian Tax Act, all amounts not otherwise expressed in Canadian dollars must be converted into Canadian dollars based on the exchange rate as quoted by the Bank of Canada for the applicable day or such other rate of exchange acceptable to the Minister of National Revenue (Canada).
This summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular Non-Resident Holder. Non-Resident Holders are advised to consult with their own tax advisors with respect to their particular circumstances.
Notes
Interest payable on the Notes should not be considered to be “participating debt interest” as defined in the Canadian Tax Act and accordingly, a Non-Resident Holder should not be subject to Canadian non-resident withholding tax in respect of amounts paid or credited or deemed to have been paid or credited by the Issuer on a Note as, on account of or in lieu of payment of, or in satisfaction of, interest.
In the event that a Note held by a Non-Resident Holder is converted to common shares on a bail-in conversion, the amount (the “Excess Amount”), if any, by which the fair market value of the common shares received on the conversion exceeds the sum of: (i) the price for which the Note was issued, and (ii) any amount that is paid in respect of accrued and unpaid interest at the time of the conversion (the “Conversion Interest”) may be deemed to be interest paid to the Non-Resident Holder. There is a risk that the Excess Amount (if any) and the Conversion Interest could be characterized as “participating debt interest” and, therefore, subject to Canadian non-resident withholding tax unless certain exceptions apply.
Non-Resident Holders should consult their own advisors regarding the consequences to them of a disposition of the Notes to a person with whom they are not dealing at arm’s length for purposes of the Canadian Tax Act.
Common Shares Acquired on a Bail-in Conversion
| PS-9 |
Dividends
Dividends paid or credited or deemed to be paid or credited to a Non-Resident Holder on common shares of the Issuer or of any affiliate of the Issuer that is a corporation resident or deemed to be resident in Canada will be subject to Canadian non-resident withholding tax of 25% but such rate may be reduced under the terms of an applicable income tax treaty.
Dispositions
A Non-Resident Holder will not be subject to tax under the Canadian Tax Act on any capital gain realized on a disposition or deemed disposition of any common shares of the Issuer or of any affiliate unless the common shares constitute “taxable Canadian property” to the Non-Resident Holder for purposes of the Canadian Tax Act at the time of their disposition, and such Non-Resident Holder is not entitled to relief pursuant to the provisions of an applicable income tax treaty.
Generally, the common shares of the Issuer or of any such affiliate will not constitute taxable Canadian property to a Non-Resident Holder provided that they are listed on a designated stock exchange (which includes the TSX and NYSE) at the time of the disposition, unless, at any particular time during the 60-month period that ends at that time, the following conditions are met concurrently: (i) one or any combination of (a) the Non-Resident Holder, (b) persons with whom the Non-Resident Holder did not deal at arm’s length, or (c) partnerships in which the Non-Resident Holder or a person described in (b) holds a membership interest directly or indirectly through one or more partnerships, owned 25% or more of the issued shares of any class or series of the applicable issuer’s share capital and (ii) more than 50% of the fair market value of the common shares of such issuer was derived directly or indirectly from one or any combination of (a) real or immovable property situated in Canada, (b) Canadian resource properties (as defined in the Canadian Tax Act), (c) timber resource properties (as defined in the Canadian Tax Act), and (d) an option, an interest or right in any of the foregoing property, whether or not such property exists. Notwithstanding the foregoing, a common share of the Issuer or of any such affiliate may be deemed to be “taxable Canadian property” in certain other circumstances. Non-Resident Holders whose common shares of the Issuer or of any such affiliate may constitute taxable Canadian property should consult their own tax advisers with respect to their particular circumstances.
| PS-10 |
SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)
CIBCWM will purchase the Notes from CIBC at the price to public less the underwriting discount set forth on the cover page of this pricing supplement for distribution to other registered broker-dealers or will offer the Notes directly to investors.
CIBCWM or other registered broker-dealers will offer the Notes at the price to public set forth on the cover page of this pricing supplement. CIBCWM may receive a commission of up to $20.00 (2.00%) per $1,000 principal amount of the Notes and may use a portion or all of that commission to allow selling concessions to other dealers in connection with the distribution of the Notes. The other dealers may forgo, in their sole discretion, some or all of their selling concessions. The price to public for Notes purchased by certain fee-based advisory accounts may vary between 98.00% and 100.00% of the principal amount of the Notes. Any sale of a Note to a fee-based advisory account at a price to public below 100.00% of the principal amount will reduce the agent’s commission specified on the cover page of this pricing supplement with respect to such Note. The price to public paid by any fee-based advisory account will be reduced by the amount of any fees assessed by the dealers involved in the sale of the Notes to such advisory account but not by more than 2.00% of the principal amount of the Notes.
CIBCWM is our affiliate, and is deemed to have a conflict of interest under FINRA Rule 5121. In accordance with FINRA Rule 5121, CIBCWM may not make sales in this offering to any of its discretionary accounts without the prior written approval of the customer.
We expect to deliver the Notes against payment therefor in New York, New York, on a date that is more than one business day following the Trade Date. Under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on any date prior to one business day before delivery will be required to specify alternative settlement arrangements to prevent a failed settlement.
The Bank may use this pricing supplement in the initial sale of the Notes. In addition, CIBCWM or any of our other affiliates may use this pricing supplement in market-making transactions in any Notes after their initial sale. Unless CIBCWM or we inform you otherwise in the confirmation of sale, this pricing supplement is being used by CIBCWM in a market-making transaction.
While CIBCWM may make markets in the Notes, it is under no obligation to do so and may discontinue any market-making activities at any time without notice. See the section titled “Supplemental Plan of Distribution (Conflicts of Interest)” in the accompanying prospectus supplement.
The price at which you purchase the Notes includes costs that the Bank or its affiliates expect to incur and profits that the Bank or its affiliates expect to realize in connection with hedging activities related to the Notes. These costs and profits will likely reduce the secondary market price, if any secondary market develops, for the Notes. As a result, you may experience an immediate and substantial decline in the market value of your Notes on the Original Issue Date.
| PS-11 |
FAQ
What is the coupon rate on CIBC’s (CM) new 2035 callable notes?
When can CIBC redeem the 5.40% notes early?
Are the CM 5.40% callable notes insured by CDIC or FDIC?
How does the Canadian bail-in regime affect these notes?
Will the 5.40% CIBC notes be listed on an exchange?
What is the minimum investment amount?
