New Issue: CIBC prices $757,000 market-linked upside notes with buffered downside on Stoxx

By William Gullotti

Buffalo, N.Y., July 25 – Canadian Imperial Bank of Commerce priced $757,000 of 0% market-linked securities — leveraged upside participation to a cap and fixed percentage buffered downside due July 25, 2025 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes positive, the payout at maturity will be par plus 150% of the index gain, subject to a maximum payout of par plus 31.5%

If the index finishes flat or falls up to 10%, the payout at maturity will be par. Otherwise, investors will be exposed to losses beyond 10%.

Wells Fargo Securities, LLC is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Market-linked securities — leveraged upside participation to a cap and fixed percentage buffered downside
Underlying index:	Euro Stoxx 50 index
Amount:	$757,000
Maturity:	July 25, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 150% of any index gain, capped at 31.5%; if the index falls by up to 10%, par; otherwise, 1% loss for every 1% decline beyond 10%
Initial level:	4,373.73
Threshold level:	3,936.357; 90% of initial level
Pricing date:	July 20
Settlement date:	July 25
Underwriter:	Wells Fargo Securities, LLC
Fees:	2.62%
Cusip:	13607XKZ9

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