New Issue: CIBC sells $1 million contingent coupon autocallable notes with memory on stocks

By Kiku Steinfeld

Chicago, Nov. 30 – Canadian Imperial Bank of Commerce priced $1 million of contingent coupon autocallable notes with memory coupon feature due Nov. 26, 2021 linked to the worst performing of the common stock of Amazon.com, Inc., the class A common stock of Facebook, Inc. and the common stock of Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a quarterly coupon at an annualized rate of 17.252% if each stock closes at or above its barrier level, 70% of its initial level, on a related observation date, in which case any previously unpaid coupons will also be paid.

The notes will be called at par if each stock closes above its initial level on any quarterly autocall observation date.

The payout at maturity will be par unless any stock finishes below its 70% principal barrier level, in which case investors will be fully exposed to any losses of the least-performing stock.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Contingent coupon autocallable notes with memory coupon feature
Underlying stocks:	Amazon.com, Inc., Facebook, Inc. and Netflix, Inc.
Amount:	$1 million
Maturity:	Nov. 26, 2021
Coupon:	17.252% per year, payable quarterly if each index closes at or above its coupon barrier level on observation date, in which case any previously unpaid coupons will also be paid
Price:	Par
Payout at maturity:	Par unless any stock finishes below principal barrier level, in which case full exposure to any losses of least-performing stock
Call:	At par if each stock closes above initial level on any quarterly autocall observation date
Initial levels:	$3,117.02 for Amazon, $272.94 for Facebook and $484.67 for Netflix
Coupon barrier levels:	$2,181.91 for Amazon, $191.06 for Facebook and $339.27 for Netflix; 70% of initial levels
Principal barrier levels:	$2,181.91 for Amazon, $191.06 for Facebook and $339.27 for Netflix; 70% of initial levels
Pricing date:	Nov. 20
Settlement date:	Nov. 25
Agent:	CIBC World Markets Corp.
Fees:	1.8%
Cusip:	13605WP21

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