New Issue: CIBC prices $2.77 million buffered digital notes with downside leverage on iShares ETF

By William Gullotti

Buffalo, N.Y., Aug. 9 – Canadian Imperial Bank of Commerce priced $2.77 million of 0% buffered digital notes with downside leverage due Jan. 31, 2025 linked to the performance of the iShares U.S. Real Estate ETF, according to a 424B2 filing with the Notes and Exchange Commission.

If the ETF finishes at or above its 90% buffer level, the payout at maturity will be par plus 18.5%.

Otherwise, investors will lose 1.1111% for every 1% that the ETF declines beyond 10%.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Buffer digital notes with downside leverage
Underlying fund:	iShares U.S. Real Estate ETF
Amount:	$2,767,000
Maturity:	Jan. 31, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If ETF finishes at or above buffer level, par plus 18.5%; otherwise, lose 1.1111% for every 1% decline beyond 10%
Initial level:	$87.55
Buffer level:	$78.80; 90% of initial level
Pricing date:	July 28
Settlement date:	Aug. 2
Agent:	CIBC World Markets Corp.
Fees:	0.25%
Cusip:	13607XLT2

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