New Issue: CIBC prices $21.59 million buffered digital notes linked to S&P 500

By Marisa Wong

Morgantown, W.Va., March 20 – Canadian Imperial Bank of Commerce priced $21.59 million of 0% buffered digital notes due March 20, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is zero or positive, the payout at maturity will be par plus the digital return of 20.5%.

If the index falls by up to 17%, the payout will be par.

If the index falls by more than 17%, investors will lose 1% for every 1% decline beyond the buffer.

BNP Paribas Securities Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Buffered digital notes
Underlying index:	S&P 500
Amount:	$21,593,000
Maturity:	March 20, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	If the index return is zero or positive, par plus the digital return of 20.5%; if the index falls by up to 17%, par; otherwise, investors will lose 1% for every 1% decline beyond the buffer
Initial level:	2,385.26
Pricing date:	March 15
Settlement date:	March 20
Agent:	BNP Paribas Securities Corp.
Fees:	0.45%
Cusip:	13605WCM1

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