Canadian Imperial Bank of Commerce SEC Filings

Canadian Imperial Bank of Commerce (CIBC) is marketing Market-Linked Securities – Auto-Callable with Fixed Percentage Buffered Downside linked to the Nasdaq-100 Index (NDX). Each security has a $1,000 face amount, will price on 30 Jul 2025, be issued on 4 Aug 2025, and mature on 2 Aug 2029 (4-year tenor unless called earlier).

Auto-call feature: On any annual Call Observation Date, if the Index closing level is at or above the Starting Level, the note is automatically redeemed for par plus a predetermined Call Premium: at least 8 % (2026), 16 % (2027), 24 % (2028), or 32 % (2029). The Call Payment Date is three business days after the relevant observation date.

Downside protection & payout: If not called, final repayment depends on Index performance. Investors receive:

• $1,000 if the Ending Level is ≥ 90 % of the Starting Level (10 % buffer).
• Otherwise, a loss of 1-for-1 on the decline beyond 10 %, exposing holders to a maximum 90 % principal loss.

Key structural points: • No periodic coupons – returns limited to call premium. • CIBC acts as calculation agent. • Estimated value at pricing expected ≥ $938.10, below the $1,000 offer price, reflecting embedded fees (up to 2.825 % underwriting discount and other selling concessions). • No listing; secondary market liquidity not assured. • Subject to CIBC credit risk and U.S./Canadian tax uncertainties.

Risk highlights include capped upside, potential 90 % loss of principal, reinvestment risk upon early call, valuation uncertainty, and conflicts of interest. Investors are directed to review the preliminary pricing supplement and risk factors for complete details.

CIBC is marketing Autocallable Strategic Accelerated Redemption Securities (STARS) linked to the Russell 2000 Index. The structured notes are offered at $10 per unit, carry a maximum term of approximately five years, and are automatically redeemed early if, on any Observation Date, the index closes at or above its initial level (the “Call Level”). There are five potential Observation Dates scheduled roughly one, two, three, four and five years after pricing.

Call premiums escalate over time:

• $10.75–$10.85 if called after year 1
• $11.50–$11.70 after year 2
• $12.25–$12.55 after year 3
• $13.00–$13.40 after year 4
• $13.75–$14.25 at the final Observation Date

Downside profile at maturity: If not previously called and the index declines ≤15 %, investors receive full principal. If the decline exceeds 15 %, losses match the index on a 1-for-1 basis, exposing up to 85 % of capital.

Key considerations: • No interim interest payments • Return is capped at the applicable call premium • Credit exposure to CIBC • The initial estimated value will be below the public offer price • Secondary market values may be lower than purchase price • Investors forgo dividends of the index constituents • Small-cap volatility risk inherent in the Russell 2000.

The notes are not listed on any exchange; detailed terms, risks and tax treatment are in the linked Preliminary Offering Documents filed under CIBC’s FWP (SEC Reg. No. 333-272447).

Canadian Imperial Bank of Commerce (CM) is marketing senior unsecured Market-Linked Securities that are auto-callable, buffered downside, principal-at-risk notes tied to the Nasdaq-100 Index (NDX). Each note has a $1,000 face amount, pays no coupons, and will be issued on 4 Aug 2025, maturing (if not called) on 2 Aug 2029.

Automatic call mechanism: If on any Call Observation Date the NDX closing level is at or above the Starting Level, the note is redeemed for face value plus a fixed Call Premium that increases annually on a simple, non-compounding basis: at least 8% (2026), 16% (2027), 24% (2028) and 32% (2029). These premiums cap the maximum return; investors do not participate in any additional index appreciation.

Maturity payment (if not called): • If the index ends down ≤10%, investors receive the full $1,000. • If the index ends down >10%, repayment is reduced dollar-for-dollar beyond the 10% buffer, exposing holders to as much as a 90% loss of principal.

Key structural details: • Unsecured, unsubordinated obligations of CIBC; all payments subject to issuer credit risk. • Not bail-inable, not FDIC/CDIC insured, and will not be listed on any exchange. • Original offering price $1,000; underwriting discount up to $28.25 (2.825%), leaving minimum proceeds of $971.75 to CIBC. • CIBC’s estimated value on the pricing date is expected to be at least $938.10, below the public offering price, indicating built-in costs and hedging adjustments.

The notes are intended for investors seeking short-dated equity exposure with limited upside and a 10% buffer, who are comfortable with issuer credit risk and the possibility of significant capital loss.

Canadian Imperial Bank of Commerce (CIBC) has filed a Free Writing Prospectus for Autocallable Strategic Accelerated Redemption Securities linked to the Russell 2000 Index, with a maturity date in July 2030. The securities, priced at $10 per unit, feature automatic call provisions with increasing redemption amounts over five observation dates.

Key features include:

• Automatic call if Index closes at or above Starting Value on any Observation Date
• Call amounts range from $10.75-$10.85 (Year 1) to $13.75-$14.25 (Year 5)
• If not called and Index doesn't decline more than 15%, principal is returned
• 1-to-1 downside exposure beyond 15% decline, with up to 85% principal at risk
• Initial estimated value between $9.224-$9.656 per unit

Notable risks include credit risk of CIBC, no periodic interest payments, limited secondary market liquidity, and potential for significant principal loss. The offering includes a $0.20 underwriting discount and $0.05 hedging-related charge per unit.

Canadian Imperial Bank of Commerce (NYSE: CM) filed a Free Writing Prospectus for a new offering of Leveraged Index Return Notes (LIRNs) linked to the Dow Jones Industrial Average.

The structured notes carry a six-year term (maturing in July 2031) with a $10 principal amount per unit. Investors receive [101%-121%] leveraged upside on any gain in the Index. Principal is protected only if the Index does not decline by more than 15%; beyond that threshold, losses are one-for-one, exposing up to 85% of principal to market risk. The notes pay no periodic interest and all payments occur at maturity, subject to CIBC’s credit risk.

Pricing is expected in July 2025. The initial estimated value is projected between $9.055 and $9.700 per $10 unit, below the public offering price due to a $0.25 underwriting discount and a $0.05 hedging-related charge. The notes are unsecured, unsubordinated debt, are not FDIC/CDIC insured, and will have only limited secondary market liquidity with no exchange listing.

Key governing documents include the prospectus and supplements dated September 5, 2023. All payments depend on CIBC’s ability to meet its obligations.

Canadian Imperial Bank of Commerce (CIBC) is offering $1,000-denominated Market Linked Securities that combine a contingent quarterly coupon (memory feature) with an auto-call mechanism and contingent downside principal at risk. The notes reference the worst-performing of Amazon.com (AMZN), Alphabet Class A (GOOGL) and NVIDIA (NVDA) and mature on 21 July 2028 unless called earlier.

Key commercial terms

• Contingent Coupon Rate: ≥ 12.25% p.a., paid quarterly only if the worst stock’s closing price on the determination date is ≥ 50 % of its starting price. Missed coupons accrue and may be paid later under the memory feature.
• Auto-call: If on any quarterly observation date (from Jan 2026) the worst stock is at or above its starting price, investors receive par plus the current and any unpaid coupons.
• Principal repayment: At maturity, investors receive par if the worst stock is ≥ 50 % of its starting price; otherwise repayment equals par × performance factor, exposing investors to unlimited downside below –50 %.
• Issuer’s estimated value on the pricing date: ≥ $922.70, below the $1,000 offer price, reflecting embedded fees of up to 2.325 %.

Risk highlights

• Full exposure to the worst performer; no participation in upside above coupon income.
• Credit risk of CIBC; notes are unsecured and not CDIC/FDIC-insured.
• No exchange listing and uncertain secondary liquidity; market value likely below issue price.
• Complex tax treatment; investors should review the preliminary pricing supplement.

The security targets income-seeking investors willing to accept equity downside and issuer credit risk in exchange for potentially elevated coupons. Investors must be comfortable with possible loss of more than 50 % of principal if the worst stock breaches the 50 % barrier at maturity and the note has not been called.

Canadian Imperial Bank of Commerce (CM) filed a Rule 424(b)(2) Pricing Supplement for a $6.939 million offering of Senior Global Medium-Term Capped Leveraged Buffered MSCI EAFE® Index-Linked Notes maturing December 18, 2026.

Key terms:

• Principal: $1,000 per note; no periodic interest.
• Upside participation: 2.5× any positive MSCI EAFE® return, capped at $1,162 (max gain 16.2%).
• Downside protection: 12.5% buffer. If the index falls ≤12.5%, principal is returned. Below that, investors lose principal on a 1.1429× leveraged basis and could lose the entire investment.
• Initial Underlier Level: 2,601.76 (6/25/25 close); Determination Date: 12/16/26.
• Issue price vs. estimated value: $1,000 vs. issuer’s internal estimate of $988, implying a built-in fee/hedging cost of $12 per note.
• Distribution economics: 0% agent commission; proceeds of $6.939 million to the issuer.
• Credit considerations: Unsecured, unsubordinated obligations of CIBC; subject to the bank’s credit risk; not insured or bail-inable; not exchange-listed, which may limit liquidity.
• Settlement: DTC book-entry; issuance on 7/2/25.

The product suits investors seeking enhanced, but capped, equity exposure to developed ex-U.S. markets with a modest capital buffer over an 18-month horizon, and who are comfortable with both issuer credit risk and limited secondary market liquidity.