New Issue: CIBC sells $2.03 million contingent market-linked autocalls on funds

By Wendy Van Sickle

Columbus, Ohio, April 15 – Canadian Imperial Bank of Commerce priced $2.03 million of market-linked securities due March 28, 2024 – autocallable with contingent coupon and contingent downside linked to the least performing of the Consumer Discretionary Select Sector SPDR fund, the Energy Select Sector SPDR fund, the Financial Select Sector SPDR fund and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 11% if each fund closes at or above its 65% coupon threshold on the observation date for that period.

The notes will be called at par if each fund closes at or above its initial level on any quarterly observation date after six months.

The payout at maturity will be par unless any fund finishes below its 60% downside threshold, in which case the payout will be par plus the return of the worst performing fund with full exposure to any losses.

Wells Fargo Securities, LLC is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Market linked securities – autocallable with contingent coupon and contingent downside
Underlying funds:	Consumer Discretionary Select Sector SPDR fund, Energy Select Sector SPDR fund, Financial Select Sector SPDR fund and Technology Select Sector SPDR fund
Amount:	$2,027,000
Maturity:	March 28, 2024
Coupon:	11% annualized, payable quarterly if each fund closes at or above coupon threshold on observation date for that period
Price:	Par
Payout at maturity:	Par unless any fund falls by more than 40%, in which case 1% loss per 1% decline of worst performing fund
Call:	At par if each fund closes at or above its initial level on any interest payment date after six months
Initial levels:	$166.77 for Consumer, $49.40 for Energy, $34.31 for Financial and $130.73 for Technology
Coupon thresholds:	$108.4005 for Consumer, $32.11 for Energy, $22.3015 for Financial and $84.9745 for Technology; 65% of initial levels
Downside thresholds:	$100.62 for Consumer, $29.64 for Energy, $20.586 for Financial and $78.438 for Technology; 60% of initial levels
Pricing date:	March 30
Settlement date:	April 5
Agent:	Wells Fargo Securities, LLC
Fees:	2.125%
Cusip:	13605WYZ0

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