New Issue: CIBC sells $8.24 million market-linked autocalls with contingent downside on four funds

By Wendy Van Sickle

Columbus, Ohio, Jan. 5 – Canadian Imperial Bank of Commerce priced $8.24 million of market-linked securities – autocallable with contingent coupon and contingent downside due Dec. 30, 2024 linked to the performance of the Energy Select Sector SPDR fund, the Financial Select Sector SPDR fund, the Technology Select Sector SPDR fund and the Consumer Staples 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 10.5% 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 the coupon if each fund closes at or above the 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 investors will lose 1% for every 1% decline of the worst performer from its initial level.

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, Technology Select Sector SPDR fund, Consumer Staples Select Sector SPDR fund
Amount:	$8,244,000
Maturity:	Dec. 30, 2024
Coupon:	10.5% 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 the final coupon unless any fund falls by more than 30%, in which case 1% loss per 1% decline of worst performer from its initial level
Call:	At par plus coupon if each fund closes at or above its initial level on any quarterly observation date after six months
Initial levels:	$55.70 for Energy Select, $39.19 for Financial Select, $175.88 for for Technology Select, $76.83 for Consumer Staples Select
Downside thresholds:	$38.99 for Energy Select, $27.433 for Financial Select, $123.116 for for Technology Select, $53.781 for Consumer Staples Select; 70% of initial levels
Pricing date:	Dec. 29
Settlement date:	Jan. 3
Agent:	Wells Fargo Securities, LLC
Fees:	2.125%
Cusip:	13607X2Z9

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