CIBC SEC Filings

Canadian Imperial Bank of Commerce (CIBC) is offering 788,687 Autocallable Strategic Accelerated Redemption Securities linked to the S&P 500 Index (SPX). Each unsecured senior note has a $10 principal, prices on July 10 2025, settles July 17 2025 and matures July 25 2031 unless called earlier.

Autocall feature: The notes are automatically redeemed if the Index closes at or above the Starting Value of 6,280.46 on any of six annual Observation Dates. The Call Amounts escalate from $10.684 (6.84% premium) in year 1 to $14.104 (41.04% premium) in year 6, providing a simple annualized yield range of roughly 6.6%-6.8% if triggered.

Downside/Buffer: If the notes are not called, principal is protected only down to an 85% Threshold (5,338.39). Should the Ending Value fall below this level, investors incur 1-to-1 downside exposure—up to an 85% loss of principal.

Economics & costs: Public offering price is $10.00, but the initial estimated value is $9.596, reflecting (i) a $0.20 underwriting discount (2.0%), (ii) a $0.05 hedging-related charge, and (iii) CIBC’s lower internal funding rate versus comparable fixed-rate debt. Proceeds to CIBC before expenses total $9.80 per unit.

Credit & liquidity considerations: Payments depend on CIBC’s creditworthiness; the notes are not insured by CDIC, FDIC or any governmental agency. No periodic interest is paid and no exchange listing is expected, so secondary-market liquidity will be limited and dealer-driven.

Key risks highlighted in the term sheet include (1) potential loss of up to 85% of principal, (2) capped upside relative to direct equity exposure, (3) valuation uncertainties due to CIBC’s internal models, and (4) conflicts of interest because BofA Securities serves as calculation agent and hedging counterparty.

The product may suit investors who are moderately bullish to neutral on the S&P 500 over the next six years, accept CIBC credit risk, can tolerate limited liquidity, and are comfortable exchanging equity dividends and unlimited upside for predefined call premiums and a 15% buffer.

Canadian Imperial Bank of Commerce (CM) is offering US$7.69 million of Autocallable Strategic Accelerated Redemption Securities ("the notes") linked to the Russell 2000 Index (RTY). The issuance comprises 768,617 units at $10 principal each, settling 17 Jul 2025 and maturing 26 Jul 2030 unless automatically called earlier.

Key structural terms

• Autocall feature: If the Index closes at or above the 2,263.410 Starting Value on any annual Observation Date (2026-2030), the notes redeem early for the fixed Call Amount. Call Amounts provide stepped premiums of 8.54%, 17.08%, 25.62%, 34.16% and 42.70% versus par.
• Downside profile: If not called and the Ending Value is below the 85% Threshold (1,923.899), principal is exposed 1-for-1 to further Index declines, placing up to 85% of capital at risk.
• No coupons or dividends; payments depend solely on Index performance and CIBC credit.
• Credit risk: Senior unsecured obligations of CIBC, ranking pari-passu with other unsubordinated debt; not FDIC/CDIC insured.
• Fees: $0.20 underwriting discount and $0.05 hedging-related charge per unit reduce the economic value delivered to investors.

Pricing economics

• Public offering price: $10.00
• Initial estimated value (IEV): $9.516 per unit (≈4.8% below issue price) reflecting CIBC’s lower internal funding rate and embedded fees.
• Proceeds to issuer: $9.80 per unit before expenses.

Risk highlights

• Capital loss of up to 85% if the notes are not called and RTY falls more than 15%.
• IEV below issue price indicates negative carry at inception.
• Limited liquidity; no exchange listing and no market-making obligation.
• Return is capped at 42.70% even if RTY gains materially more.
• Small-cap index exposure entails higher volatility than large-cap benchmarks.

Investor profile: Suitable for investors who expect the Russell 2000 to be flat-to-positive within five years, are comfortable with early redemption and accept CIBC credit and liquidity risk, foregone dividends and a capped payoff.

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.