New Issue: CIBC prices $12.65 million 5.65% trigger callable yield notes linked to S&P, Nasdaq

By Wendy Van Sickle

Columbus, Ohio, April 1 – Canadian Imperial Bank of Commerce priced $12.65 million of 5.65% trigger callable yield notes due July 5, 2023 linked to the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes are callable at par of $10 on any monthly coupon payment date after three months.

The payout at maturity will be par unless the lowest performing index finishes below its 60% downside threshold level, in which case investors will be fully exposed to the index’s decline.

CIBC Capital Markets and UBS Financial Services Inc. are the agents.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Trigger callable yield notes
Underlying indexes:	S&P 500 index, Nasdaq-100 index
Amount:	$12,647,000
Maturity:	July 5, 2023
Coupon:	5.65%, payable monthly
Price:	Par of $10
Payout at maturity:	If the lowest performing index finishes at or above downside threshold level, par; otherwise, full exposure to least performing index’s decline from its initial level
Call option:	At par on any monthly call date after three months
Initial levels:	4,602.45 for S&P, 15,071.55 for Nasdaq
Downside threshold levels:	2,761.47 for S&P, 9,042.93 for Nasdaq; 60% of initial levels
Pricing date:	March 30
Settlement date:	March 31
Agents:	CIBC Capital Markets and UBS Financial Services Inc.
Fees:	1%
Cusip:	13608J800

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