CIBC SEC Filings

Canadian Imperial Bank of Commerce (CIBC) is issuing US$3 million aggregate principal amount of 5.00% Senior Global Medium-Term Callable Notes due July 14 2032. The notes are offered in $1,000 denominations at par, settle on July 14 2025, and mature seven years later unless earlier redeemed. Interest accrues on a 30/360 basis and is paid semi-annually on January 14 and July 14, beginning January 14 2026.

Call feature: CIBC may redeem the entire issue at 100% of principal plus accrued interest on any July 14 interest-payment date from 2027 through 2031, providing only 2-20 Business Days’ notice via DTC. Once called, no further interest is paid.

Pricing & distribution: Notes are offered through CIBC World Markets (CIBCWM) with a 0.867% underwriting discount ($8.67 per $1,000). Net proceeds after fees equal US$2,973,990. Fee-based advisory accounts may purchase at 99.133% of face.

Ranking & bail-in risk: The notes are senior unsecured, subject to Canadian bail-in powers under the CDIC Act, meaning principal and interest can be converted into CIBC common shares or written off if the bank becomes non-viable. They are not insured by CDIC or FDIC.

Key risks disclosed:

• Issuer call risk leading to reinvestment at lower rates.
• Market value sensitivity to rates, credit spreads and call option.
• Illiquidity—no exchange listing and no market-making obligation.
• Potential loss of some or all investment on a bail-in conversion or issuer default.
• Uncertain U.S. and Canadian tax treatment; investors should seek advice.

Canadian Imperial Bank of Commerce (CM) is offering US$6.457 million of three-year Trigger Autocallable Contingent Yield Notes linked to the least-performing of the S&P 500 Index (SPX) and the Russell 2000 Index (RTY).

Key commercial terms

• Denomination: $10 (minimum $1,000).
• Issue/Settlement: 9 Jul 2025 / 14 Jul 2025.
• Maturity: 13 Jul 2028, unless called earlier.
• Contingent Coupon: 9.62% p.a. (2.405% quarterly) paid only if the closing level of each index on a Coupon Determination Date is ≥ 70% of its Initial Level (the “Coupon Barrier”).
• Autocall: Beginning 9 Jan 2026, the notes are automatically redeemed at par plus the current coupon if both indices are ≥ their respective Initial Levels on any quarterly Call Observation Date.
• Principal protection: conditional. If not called and the Final Level of the least-performing index is ≥ 70% of its Initial Level (the “Downside Threshold”), principal is repaid in full; otherwise investors receive $10 × (1 + Underlying Return) and can lose up to 100% of principal.
• Initial Levels: SPX 6,263.26; RTY 2,252.490. Coupon Barrier/Downside Threshold: 70% of each Initial Level.
• Initial estimated value: $9.783 per $10 note (97.83% of face), reflecting structuring and hedging costs.
• Distribution: CIBC World Markets sells the notes to UBS Financial Services at no underwriting discount; the notes will not be listed on any exchange.

Principal risk considerations

• No coupon payable if either index closes <70% of its Initial Level on a determination date.
• If the least-performing index finishes <70% of its Initial Level at maturity, investors participate 1-for-1 in the downside.
• Credit risk of CIBC; the notes are senior unsecured obligations and are not CDIC or FDIC insured.
• Liquidity risk: no secondary-market listing; CIBCWM is under no obligation to make markets.
• Conflicts of interest: the issuer and its affiliates set the terms, hedge and may trade the underlyings.
• Tax treatment of contingent coupons is uncertain for both U.S. and non-U.S. holders.

The structure targets investors who are moderately bullish to neutral on both large-cap and small-cap U.S. equities, are comfortable with issuer credit risk, and can tolerate loss of principal in exchange for a high but contingent coupon.

Canadian Imperial Bank of Commerce (CM) is offering $9,110,890 of Trigger Autocallable Contingent Yield Notes maturing 13 July 2028. The senior unsecured notes are linked to the least-performing of the S&P 500® Index (SPX) and the Russell 2000® Index (RTY).

• Coupon profile: Quarterly contingent coupon of 1.905% (7.62% p.a.) is paid only if on the relevant determination date both indices close at or above their respective Coupon Barriers (70 % of initial level).
• Autocall feature: From 9 Jan 2026 and each quarter thereafter, the notes will be automatically called if both indices close at or above their initial levels. Investors then receive par plus the due coupon; no further payments occur.
• Principal at risk: If not called, repayment of the $10 principal is contingent on the Downside Threshold (70 % of initial level). A final level below the threshold triggers a loss equal to the negative return of the worst index, up to 100 % of principal.
• Key index data (9 Jul 2025): SPX 6,263.26; RTY 2,252.490. Coupon Barriers & Downside Thresholds are 4,384.28 for SPX and 1,576.743 for RTY.
• Issue economics: Price to public $10; underwriting discount $0.20; proceeds to issuer $9.80. CIBC’s initial estimated value is $9.636, below issue price due to selling & hedging costs.
• Credit & liquidity: The notes are senior unsecured obligations of CIBC, not CDIC/FDIC insured, not bail-inable, and will not be listed on any exchange. Secondary market trading, if any, will be through CIBCWM/affiliates and may involve significant bid–ask spreads.
• Risk highlights: Possible non-payment of coupons, full principal loss, market risk of each index, greater risk due to dual-underlying structure, small-cap exposure via RTY, uncertainty of U.S./Canadian tax treatment, potential conflicts of interest, and valuation/market-making limitations.
• Key dates: Trade 9 Jul 2025; settlement 14 Jul 2025; first coupon determination 9 Oct 2025; maturity 13 Jul 2028.
• Minimum investment: $1,000 (denominations of $10).

The product targets investors comfortable with equity-index risk, credit risk of CIBC, limited upside (7.62% p.a. maximum) and the possibility of losing their entire investment.