Canadian Imperial Bank Of Commerce 6-K, filed Feb 26, 2020
Canadian Imperial Bank Of Commerce (CM)
About this 6-K
Canadian Imperial Bank Of Commerce filed this 6-K on February 26, 2020.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For the month of February, 2020
Commission File Number: 1-14678
CANADIAN IMPERIAL BANK OF COMMERCE
(Translation of registrant’s name into English)
Commerce Court
Toronto, Ontario
Canada M5L 1A2
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☐ Form 40-F ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g 3-2(b) under the Securities Exchange Act of 1934:
Yes ☐ No ☒
If yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g 3-2(b):
The information contained in this Form 6-K is incorporated by reference into the Registration Statements on Form S-8 File Nos. 333-130283 and 333-09874, Form F-10 File No. 333-232417 and Form F-3 File No. 333-233663.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
| CANADIAN IMPERIAL BANK OF COMMERCE | ||||||||
| Date: February 26, 2020 | By: | /s/ Veni Iozzo | ||||||
| Name: | Veni Iozzo | |||||||
| Title: | Executive Vice-President | |||||||
Exhibit 99.1
CANADIAN IMPERIAL BANK OF COMMERCE
Earnings Coverage on Subordinated Indebtedness and Deposits underlying Capital Trust Securities as at January 31, 2020
Pro forma interest requirements based on subordinated indebtedness and deposits underlying Capital Trust securities outstanding as at January 31, 2020, adjusted for repurchases and announced new issues and redemptions, if any, would be $216 million for the 12-month period ending January 31, 2021. Earnings before income taxes and actual interest requirements on subordinated indebtedness and deposits underlying Capital Trust securities, and net of non-controlling interests, for the 12-month period ended January 31, 2020, were $6,774 million, which was 31.4 times our pro forma interest requirements as described above.
This ratio is calculated on the basis of amounts derived from our consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) for the 12-month period ended January 31, 2020. The ratio reported is not defined by IFRS and does not have any standardized meaning under IFRS and thus may not be comparable to similar measures used by other issuers.
In calculating the pro forma interest requirements, foreign currency amounts have been converted to Canadian dollars using the January 31, 2020 spot rate of $1.3232 per U.S. dollar.
In calculating the ratio, non-controlling interests were adjusted to before-tax equivalents using the applicable statutory income tax rates in each of the relevant jurisdictions.