Canadian Imperial Bank of Commerce is offering $2,106,000 of senior unsecured barrier digital notes linked to the worst performing of Robinhood (HOOD), Advanced Micro Devices (AMD), and Intel (INTC), maturing on December 16, 2027.
Each note has a $1,000 principal amount. If the worst performing stock’s final price is at or above its barrier (50% of its initial price), investors receive $1,723.70 per note, reflecting a fixed digital return of 72.37%.
If the worst performer finishes below its barrier, repayment equals $1,000 plus the percentage change of that stock, so losses match the decline and can reach a 100% loss of principal.
The notes pay no interest, are subject to CIBC’s credit risk, will not be listed on any exchange, and had an initial estimated value of $949.80 per $1,000 at the trade date, below the price to the public because of selling, structuring and hedging costs.
Canadian Imperial Bank of Commerce is offering 2,238,186 Autocallable Strategic Accelerated Redemption Securities linked to the Russell 2000 Index, each with a $10 principal amount. The notes can be automatically called on annual observation dates through 2030 if the index closes at or above the starting level of 2,590.605, paying call amounts per unit from $10.852 (an 8.52% premium) on the first date up to $14.260 (a 42.60% premium) on the final date. If the notes are never called and the index ends at or above the threshold value of 2,202.014, investors receive back the $10 principal; if it finishes below that threshold, losses mirror index declines beyond the 15% buffer, with up to 85% of principal at risk.
The public offering price is $10.00 per unit, with an underwriting discount of $0.20 and a hedging-related charge of $0.05, leading to proceeds before expenses of $9.80 per unit to CIBC and an initial estimated value of $9.709 per unit. The notes pay no periodic interest, do not provide dividends from the Russell 2000 stocks, are senior unsecured obligations of CIBC subject to its credit risk, and will not be listed on an exchange, so secondary market liquidity may be limited.
Canadian Imperial Bank of Commerce is issuing senior unsecured autocallable notes linked to a basket of Goldman Sachs, Morgan Stanley and JPMorgan shares, in a $18,089,320 offering priced at $10 per unit. The notes can be automatically called in about three years or earlier if the basket is at or above its 100 starting value on scheduled observation dates, paying call amounts of $11.453, $12.906 or $14.359 per unit, which represent premiums of 14.53%, 29.06% and 43.59%.
If the notes are not called and the basket finishes below the starting value, investors lose principal on a one-for-one basis, with no interest payments and no dividends from the underlying stocks. The initial estimated value is $9.523 per unit, below the $10 price, reflecting CIBC’s lower internal funding rate, a $0.20 underwriting discount and a $0.05 hedging-related charge. The notes are unsecured, not listed on an exchange, and all payments depend on CIBC’s credit risk.
Canadian Imperial Bank of Commerce (CIBC) is offering 3,327,491 Autocallable Strategic Accelerated Redemption Securities linked to the Russell 2000 Index at $10 principal per unit, for a total public offering price of $33,258,460. Before expenses, CIBC expects proceeds of $9.80 per unit, or $32,609,411.80, after a $0.20 underwriting discount and a $0.05 per unit hedging-related charge built into the economics.
The notes have a term of about three years and may be automatically called if the index is at or above the starting level (2,590.605) on observation dates in 2026, 2027, or 2028, paying call amounts of $11.198, $12.396, or $13.594 per unit, respectively. If never called and the index finishes below the starting value, investors have 1‑to‑1 downside exposure and can lose up to 100% of principal. The initial estimated value is $9.776 per unit, and all payments are subject to CIBC’s credit risk, with no periodic interest and no exchange listing.
Canadian Imperial Bank of Commerce plans to issue senior unsecured medium-term notes bearing a fixed 4.50% annual interest rate, payable semi-annually on June 30 and December 31, starting June 30, 2026. The notes are scheduled to mature on December 31, 2030, when investors would receive 100% of principal plus any accrued interest if the notes have not been redeemed earlier.
CIBC may redeem the notes early, in whole but not in part, on December 31 of each year from 2027 through 2029 at 100% of principal plus accrued interest, which could limit future interest payments if exercised. The notes are not listed on any securities exchange and are subject to the credit risk of CIBC.
The notes are also designated as bail-inable debt securities under Canadian law, meaning they may be converted into CIBC common shares or varied or extinguished if Canadian bank resolution powers are exercised. U.S. holders are generally treated as holding taxable debt instruments for U.S. federal income tax purposes, and non-resident holders face specific Canadian tax considerations described in the document.
Canadian Imperial Bank of Commerce is offering Digital S&P 500® Index-Linked Notes in $1,000 denominations that do not pay interest and put all principal at risk. The notes’ return depends on the S&P 500® Index over roughly 28–31 months. If the final index level is at least 85% of the initial level, investors receive a capped payment, with the threshold settlement amount expected to be between $1,168.00 and $1,197.60 per $1,000 note. If the index falls more than 15% from its initial level, repayment is reduced by a buffer formula that can lead to a partial or total loss of principal, as illustrated by hypothetical outcomes where a 0% final level results in a zero payment.
The notes are unsecured, unsubordinated obligations of CIBC, subject to the bank’s credit risk, and are not insured by any government deposit insurer. They will not be listed on any securities exchange, and any secondary market making by CIBC World Markets Corp. is discretionary. CIBC’s estimated value on the trade date is expected to be between $975.80 and $995.80 per note, below the $1,000 issue price due to selling, structuring and hedging costs. The U.S. and Canadian tax treatment is complex and potentially subject to change, and investors are urged to review the detailed tax sections and risk factors.
Canadian Imperial Bank of Commerce is offering $5,000,000 of 5.20% senior callable notes due December 12, 2035. The notes pay fixed interest at 5.20% per year, with semi-annual payments on June 12 and December 12, starting June 12, 2026, and return 100% of principal at maturity if not earlier redeemed.
CIBC may redeem the notes in whole at par plus accrued interest on any December 12 from 2026 through 2034. The notes are senior unsecured obligations, issued in $1,000 denominations, will not be listed on any securities exchange, and are bail-inable under Canadian bank resolution powers, meaning they can be converted into common shares or written down in a viability crisis.
Canadian Imperial Bank of Commerce is offering 5.40% Senior Global Medium-Term Callable Notes due December 6, 2045, issued in U.S. dollars. Each Note has a $1,000 minimum denomination, pays interest semi-annually on June 22 and December 22 starting in 2026, and returns 100% of principal at maturity if not redeemed earlier.
CIBC may redeem the Notes at par, in whole but not in part, on December 22 each year from 2028 through 2044, plus accrued interest. The Notes are senior unsecured obligations of CIBC, are not insured by any deposit insurer, will not be listed on an exchange, and are subject to Canadian bail‑in powers that can convert them into CIBC common shares or extinguish them in a resolution scenario.
The public offering price is generally $1,000 per Note, with CIBC World Markets earning up to $20 (2.00%) per $1,000 in commissions and having the ability to reallow concessions to other dealers. U.S. and Canadian tax sections explain that interest is generally treated as ordinary income for U.S. holders and discuss key Canadian non‑resident tax considerations.
Canadian Imperial Bank of Commerce plans to issue senior unsecured 4.60% callable notes maturing on December 6, 2032, as part of its global medium-term note program. The notes pay interest semi-annually on January 22 and July 22, starting July 22, 2026, at a fixed rate of 4.60% per year.
CIBC may redeem the notes early, in whole but not in part, on January 22 of each year from 2027 through 2032 at 100% of principal plus accrued interest. The notes are issued in minimum denominations of $1,000 and are expected to price at $1,000 per note, with an underwriting discount of up to $12.00 and proceeds to CIBC of at least $988.00 per note.
The notes are bail-inable debt securities, meaning they can be converted into common shares of CIBC or its affiliates, or varied or extinguished, under Canadian bank resolution powers if the bank becomes non-viable. They will not be listed on any securities exchange, are subject to the credit risk of CIBC, and may have limited or no secondary market liquidity.
Canadian Imperial Bank of Commerce filed a report as a foreign private issuer to provide shareholders with the independent auditor’s opinion on its 2025 annual financial statements. The filing states that an unqualified report from the independent registered public accounting firm, based on an audit conducted under Canadian generally accepted auditing standards, is attached as an exhibit.
The filing also notes that an unqualified auditor’s report based on standards of the U.S. Public Company Accounting Oversight Board was included with CIBC’s 2025 annual financial statements that were filed as an exhibit to its Annual Report on Form 40-F. An unqualified opinion means the auditors accepted the financial statements as fairly presented in all material respects under the relevant standards.