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Canadian Imperial Bank of Commerce (CIBC) has filed a Rule 424(b)(2) Pricing Supplement for a US $19.38 million issuance of Senior Global Medium-Term Notes linked to the S&P 500庐 Equal Weight Energy Index (Bloomberg: S10). The three-part prospectus package (base prospectus, supplement and equity index underlying supplement dated 5-Sep-2023) is superseded where inconsistent.

Core economics

• Principal: US $1,000 per note; minimum investment one note.
• Trade date / settlement: 9-Jul-2025 / 14-Jul-2025; maturity 21-Dec-2026 (鈮�17.5 months).
• No coupon. Payment at maturity depends solely on index performance between trade date and 17-Dec-2026 (determination date).
• Digital payoff: 鈥� If the final index level 鈮� 85 % of the initial level (2,797.55), investor receives a fixed maximum settlement amount of US $1,123.50 (12.35 % return). 鈥� If the index falls below the 85 % threshold, loss of principal is accelerated by a 117.65 % buffer rate; a 100 % decline wipes out the entire investment.
• Estimated value: CIBC鈥檚 internal model values the notes at US $973.80, 2.6 % below the US $1,000 issue price, primarily due to funding spread and dealer compensation.
• Distribution: Goldman Sachs & Co. LLC is sole agent; 1.13 % selling concession (US $218,994) paid from proceeds. Notes will not be listed and GS&Co. is not obligated to make a market.

Risk highlights

• Principal risk: losses begin once the index is <85 % of initial and may reach 100 %.
• Capped upside: maximum positive return limited to 12.35 %, even if the index rises substantially.
• Credit risk: payments rely on CIBC as unsecured senior debt; notes are not CDIC/FDIC-insured and not bail-inable.
• Liquidity risk: no exchange listing; secondary market dependent on GS&Co.鈥檚 discretion; bid/ask will reflect dealer models, declining premium and funding costs.
• Valuation gap: initial estimated value below issue price; secondary prices expected to fall toward model value after 8-Oct-2025 when the additional amount amortises to zero.
• Sector concentration: underlying index is 100 % energy sector and equal-weighted across relatively few constituents, amplifying volatility relative to the broad S&P 500.
• Tax ambiguity: U.S. tax treatment as prepaid derivative is uncertain; Canadian tax counsel expects no withholding on interest deemed paid to non-residents.

Strategic context

At US $19.38 million, the note size is immaterial to CIBC鈥檚 balance sheet but provides cost-effective U.S. dollar funding (net proceeds 鈮� US $19.16 million) and expands the bank鈥檚 structured-products shelf. For investors, the notes offer a short-dated, digital exposure to the energy sub-sector with limited upside and significant downside risk, effectively exchanging equity risk for a fixed-income credit exposure plus option-like payoff.

Oracle Corporation (NYSE: ORCL) filed a Form 25 with the U.S. Securities and Exchange Commission to remove its 3.125% Notes due 2025 from listing and registration on the New York Stock Exchange (NYSE) under Section 12(b) of the Exchange Act. The filing, dated 10 July 2025 and signed by NYSE representative Anthony Sozzi, certifies that the Exchange has satisfied all applicable rules for delisting. The company may also have met the voluntary withdrawal requirements under Rule 12d2-2(c); however, no additional financial or strategic rationale is provided within the document.

Biotechnology Value Fund and affiliated entities have filed a Schedule 13G disclosing a collective 7.4% passive stake in Nektar Therapeutics (NASDAQ: NKTR). The filing, dated 9 July 2025 with an event date of 1 July 2025, reports aggregate beneficial ownership of 1,276,595 common shares out of 17,301,061 shares outstanding following the company鈥檚 recent public offering.

The ownership is spread across multiple Delaware and Cayman-based vehicles: Biotechnology Value Fund (LP) holds 661,758 shares (3.8%), Biotechnology Value Fund II (LP) holds 517,813 shares (3.0%), and Biotechnology Value Trading Fund OS (LP) holds 71,367 shares (<1%). Control is exercised jointly through the general partners BVF GP Holdings LLC and BVF Partners L.P., with Mark N. Lampert signing on behalf of each entity. All shares are held with shared voting and dispositive power; none of the reporting persons claims sole authority.

The filing is made on Form 13G鈥攊ndicating a passive investment intent rather than an activist position鈥� and includes the customary certification that the securities were not acquired to influence control of the issuer. No other material transactions, derivatives, or lock-up arrangements are disclosed.

Key take-aways for investors: BVF鈥檚 aggregated 7.4% stake makes it one of the largest outside shareholders of Nektar, signalling confidence from a specialist biotech investor group. However, because the filing is passive, immediate governance or strategic changes should not be expected.

Morgan Stanley has filed Amendment No. 1 to Schedule 13G for Golar LNG Ltd. (NASDAQ: GLNG). The filing, triggered by an event dated 30 June 2025, shows the bank now beneficially owns 2,531,820 common shares, equal to 2.4 % of the outstanding class.

Key ownership details include:

• Sole voting / dispositive power: 0 shares
• Shared voting power: 2,265,719 shares
• Shared dispositive power: 2,531,820 shares

The cover page explicitly states that Morgan Stanley has ceased to be a beneficial owner of more than 5 % of GLNG common stock, meaning the firm has reduced its position below the threshold that would classify it as a 5 % or greater holder. All shares are reported as held in the ordinary course of business, with no intent to influence control of the issuer.

The certification is signed by Authorized Signatory Christopher O鈥橦ara on 8 July 2025.

JPMorgan Chase Financial Company LLC is offering three distinct tranches of Capped Buffered Return Enhanced Notes that mature on 30 June 2027 and are fully and unconditionally guaranteed by JPMorgan Chase & Co. Each tranche is linked to a single U.S. equity index:

• Nasdaq-100 Index庐 (NDX Notes): $320,000 total principal; Bloomberg ticker NDX; CUSIP 48136ERG2
• Russell 2000庐 Index (RTY Notes): $167,000 total principal; Bloomberg ticker RTY; CUSIP 48136ERE7
• S&P 500庐 Index (SPX Notes): $174,000 total principal; Bloomberg ticker SPX; CUSIP 48136ERB3

All three notes share common structural terms:

• Upside participation: 150% of any positive index performance, capped at a Maximum Return of 20.70 % (NDX), 21.95 % (RTY) or 16.15 % (SPX), equating to maximum maturity payments of $1,207, $1,219.50 and $1,161.50 per $1,000 note respectively.
• Downside protection: 10 % Buffer Amount; losses begin only if the Final Value is more than 10 % below the Initial Value, after which investors lose 1 % of principal for each 1 % additional decline鈥攅xposing investors to up to 90 % loss of principal.
• No periodic coupons or dividends; returns are delivered solely at maturity.
• Key dates: Pricing Date 25 Jun 2025, Settlement 鈮�30 Jun 2025, Observation Date 25 Jun 2027, Maturity 30 Jun 2027.
• Minimum denomination: $1,000.

Pricing economics highlight embedded costs and risks:

• Public offering price is $1,000, while the estimated fair value was $961.00 (NDX), $958.30 (RTY) and $961.10 (SPX), indicating a 3.9 %鈥�4.2 % issuer spread attributable to selling commissions, hedging and structuring costs.
• Selling commissions: up to $26 per $1,000 (NDX), $25 for RTY and SPX. Net proceeds to issuer are $974.97, $975.00 and $975.00 per $1,000 respectively.
• The notes are unsecured, unsubordinated obligations of JPMorgan Financial and rank equally with all other senior unsecured debt; payments depend on the creditworthiness of both the issuer and JPMorgan Chase & Co.

Risk highlights (summarised from 鈥淪elected Risk Considerations鈥�):

• Principal is at risk up to 90 % if the underlying index falls more than 10 %.
• Gains are capped; investors do not receive dividends or periodic interest.
• No exchange listing; secondary liquidity depends solely on JPMS and may be materially below issue price, especially because the estimated value is below the public price.
• Potential conflicts of interest and hedging activities by JPMorgan affiliates may influence secondary prices.
• Product-specific index risks: non-U.S. constituents in the Nasdaq-100; small-cap volatility in the Russell 2000; JPMorgan representation within the S&P 500.

Investor profile: suited to investors willing to (i) forgo current income, (ii) accept issuer credit risk, (iii) cap upside in exchange for 10 % buffer and 1.5脳 leverage, and (iv) hold to maturity.

Greif, Inc. (GEF) filed a Form 144 disclosing that an insider plans to sell up to 19,248 Class A shares through Fidelity Brokerage Services on or about 01 July 2025. The block carries an aggregate market value of $1.35 million and represents approximately 0.07 % of the 26.13 million Class A shares outstanding.

The filing also lists a prior disposition: on 09 June 2025 the same individual, named as Ole Rosgaard, sold 30,000 Class A shares for gross proceeds of $1.97 million. Taken together, recent and proposed sales total 49,248 shares, or roughly 0.19 % of the current float.

The shares to be sold were acquired on 16 January 2024 via restricted-stock vesting and are being sold for the insider鈥檚 own account. No operational, earnings or strategic information is included; the document strictly serves as notice under Rule 144 and contains the standard representation that the seller is not in possession of undisclosed material adverse information.

For investors, the key takeaway is the continued insider selling activity, which, while small relative to total shares outstanding, may be monitored as a gauge of insider sentiment toward Greif鈥檚 equity.