New Issue: CIBC sells $6.58 million contingent market-linked autocalls on four SPDR funds

By William Gullotti

Buffalo, N.Y., Oct. 5 – Canadian Imperial Bank of Commerce priced $6.58 million of market-linked securities due Sept. 27, 2024 – autocallable with contingent coupon and contingent downside linked to the least performing of the Energy Select Sector SPDR Fund, the Financial Select Sector SPDR Fund, the Consumer Staples 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 9.5% if each fund closes at or above its 70% coupon threshold on the observation date for that period.

The notes will be called at par plus coupon 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 plus the final coupon unless any fund finishes below its 70% 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:	Energy Select Sector SPDR Fund, Financial Select Sector SPDR Fund, Consumer Staples Select Sector SPDR Fund, Technology Select Sector SPDR Fund
Amount:	$6,576,000
Maturity:	Sept. 27, 2024
Coupon:	9.5% annualized, payable quarterly if each fund closes at or above coupon threshold on observation date for that period
Price:	Par
Payout at maturity:	Par plus final coupon unless any fund falls by more than 30%, in which case 1% loss per 1% decline of the worst performing fund from its initial level
Call:	At par plus coupon if each fund closes at or above its initial level on any interest payment date after six months
Initial levels:	$52.89 for Energy, $38.13 for Financial, $70.10 for Consumer, $150.40 for Tech
Coupon threshold:	$37.023 for Energy, $26.691 for Financial, $49.07 for Consumer, $105.28 for Tech; 70% of initial levels
Downside threshold:	$37.023 for Energy, $26.691 for Financial, $49.07 for Consumer, $105.28 for Tech; 70% of initial levels
Pricing date:	Sept. 29
Settlement date:	Oct. 4
Agent:	Wells Fargo Securities, LLC
Fees:	2.225%
Cusip:	13605W6G1

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