New Issue: CIBC sells $9.75 million digital notes linked to S&P 500

By Wendy Van Sickle

Columbus, Ohio, April 26 – Canadian Imperial Bank of Commerce priced $9.75 million of 0% digital notes due April 28, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is greater than or equal to negative 10%, the payout at maturity will be the maximum settlement amount of $1,058.20 per $1,000 note. Otherwise, investors will lose 1.1111% for each 1% index decline beyond 10%.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Digital notes
Underlying index:	S&P 500
Amount:	$9.75 million
Maturity:	April 28, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If the index return is at or above negative 10%, the payout at maturity will be the maximum settlement amount of $1,058.20 per $1,000 note; investors will lose 1.1111% for each 1% index decline beyond 10%
Initial level:	4,163.26
Buffer level:	90% of initial level
Pricing date:	April 19
Settlement date:	April 23
Agent:	CIBC World Markets Corp.
Fees:	0.73%
Cusip:	13605W3K5

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