Canadian Imperial Bank of Commerce has been named Best Principal at Risk Issuer at the SPi Canada Awards 2026.
We asked Matt Wallace, Executive Director & Head of Canadian Structured Product Distribution at CIBC Capital Markets, what sits behind the win.
A client-centred platform, built deliberately
Asked what's driven CIBC's market share growth over the past 12 months, Wallace points to two things working together: a client-centred approach and a modernized core offering.
"These initiatives have enabled us to excel in execution, drive efficiency and elevate the overall client experience," he said. "The combination of embracing technology to streamline the product development process, and our sales team's constant focus on responsiveness and consistent service across the market has been powerful in driving market share growth."
That platform, he says, is the product of synergy across the full chain: structuring, sales, advisory, and trading, rather than any one team's edge. "We've built a platform that allows us to bring relevant solutions to market in a consistent and practical way that aligns with our risk appetite," Wallace said. "The combination of structuring expertise and experience, market scale, and efficient execution is appreciated by clients who value both innovation and reliability."
Winning the independent dealer channel
The independent dealer channel has been a meaningful contributor to that growth, and Wallace says the feedback from that channel is consistent. "The feedback we hear most often is that our partners value our responsiveness, product clarity, and ease of doing business," he said. "We have worked hard to be a reliable and supportive partner among the independents, and that has resulted in increased penetration and partnership."
Where advisor demand is heading
On product themes, Wallace points to a "barbell" effect shaping how Canadian advisors are building portfolios: a core of North American large-cap exposure, overlaid with more volatile single names and sectors. Memory and monthly income autocallables remain the dominant styles in the PaR space, and single stock autocallables have picked up as advisors look to monetize volatility in select U.S. and European sectors.
"Advisors and investors have shown strong interest in structures that offer attractive return potential while remaining straightforward to explain and aligned with broader portfolio objectives," he said.
That demand for yield has continued to sharpen. "Investor appetite continues to focus on yield-seeking alternatives, evidenced by the fact that autocallable structures, and specifically monthly-pay offerings, continue to be the preferred structure in the Canadian market," Wallace said. "To take it one step further, we are also now seeing more demand for monthly-pay structures with a memory feature on the coupon."
Structuring through volatility
Asked whether CIBC's approach to underlying selection or barrier design has shifted in response to market volatility, Wallace points to discipline rather than reaction. "Volatility, and how fast it can change from day to day, has reinforced the importance of disciplined structuring," he said. The desk has focused on balancing investor appeal with risk awareness, including giving advisors the ability to execute custom deals with early strike dates to reduce price-holding risk, and offering deeper barrier structures to improve investor comfort amid current valuations.
Market-wide, the average knock-in barrier on Canadian PaR structures deepened from 72.2% to 70.6% over the same period — the coupon increase came alongside more downside buffer, not in exchange for less. Source: SP Intelligence, part of WSD.
Principal protected structures haven't lost relevance either, even as principal-at-risk notes draw more attention. "We continue to have active discussions and see a tremendous amount of demand for principal protected structures in times of market volatility," Wallace said.
One underappreciated structure Wallace is particularly proud of: Accelerated Return Notes. Less common in Canada since the 2016 Federal Budget's income tax changes, they remain available for investors wanting a bullish view on an underlying and, in Wallace's words, "they have been some of the best performing notes in history against the backdrop of a bull market in equities."
Looking ahead to 2027
CIBC's priorities heading into next year centre on client experience, providing transparent building blocks for portfolio construction, timely trade ideas for distribution, and deepening client connectivity alongside continued investment in team and platform.
Asked what the recognition means for CIBC's positioning going forward, Wallace was direct: "It reflects the strength of our business today, and it motivates us to keep improving through strong execution, thoughtful innovation and consistent client service."
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Canadian Imperial Bank of Commerce was named Best Principal at Risk Issuer, Canada 2026 at the SPi Canada Awards, presented September 17 in Montreal.
