New Issue: CIBC prices $2.37 million contingent market-linked autocalls on sector funds

By Kiku Steinfeld

Chicago, Sept. 14 – Canadian Imperial Bank of Commerce priced $2.37 million of market-linked securities due Jan. 29, 2025 – autocallable with contingent coupon and contingent downside linked to the lowest performing 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 coupon at a 11.2% rate if all assets close above their 70% interest barrier levels on any quarterly observation date.

The notes will be called automatically if all assets close at or above their initial levels on any quarterly observation date starting after six months.

The payout at maturity will be par unless any asset finishes below its 70% downside threshold, in which case the payout will be par plus the return of the worst performing asset 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
Underliers:	Energy Select Sector SPDR fund, Financial Select Sector SPDR fund, Technology Select Sector SPDR fund and Consumer Staples Select Sector SPDR fund
Amount:	$2,365,000
Maturity:	Jan. 29, 2025
Coupon:	11.2% annual rate, payable quarterly if all assets finish above interest barrier level on related observation date
Price:	Par
Payout at maturity:	Par unless any asset falls by more than 30%, in which case 1% loss per 1% decline of the worst performing asset from its initial level
Call:	Automatically at par if all assets close at or above initial levels on any quarterly observation date after six months
Initial levels:	$65.92 for Energy, $39.06 for Financial, $161.97 for Technology, $75.97 for Consumer
Interest barrier levels:	$46.144 for Energy, $27.342 for Financial, $113.379 for Technology, $53.179 for Consumer; 70% of initial levels
Downside thresholds:	$46.144 for Energy, $27.342 for Financial, $113.379 for Technology, $53.179 for Consumer; 70% of initial levels
Pricing date:	Jan. 31, 2022
Settlement date:	Feb. 3, 2022
Agent:	Wells Fargo Securities, LLC
Fees:	2.225%
Cusip:	13607X4H7

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