New Issue: CIBC sells $46.71 million market-linked step-up autocalls on Russell 2000

By Wendy Van Sickle

Columbus, Ohio, Dec. 30 – Canadian Imperial Bank of Commerce priced $46.71 million of autocallable market-linked step-up notes due Jan. 2, 2024 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par of $10 plus an annualized call premium of 10.25% if the index closes at or above the initial level on any annual observation date.

If the notes are not called and the index finishes above the step-up value, 135% of the initial level, the payout at maturity will be par plus the index gain.

If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 35%.

Investors will be exposed to losses.

BofA Securities, Inc. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Autocallable market-linked step-up notes
Underlying index:	Russell 2000 index
Amount:	$46,710,750
Maturity:	Jan. 2, 2024
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If the index finishes above the step-up level, par plus the index gain; if the index gains up to the step-up level, par plus 35%; 1% loss for each 1% decline
Call:	At par plus 10.25% per year if the index closes at or above its initial level on any annual observation date
Initial level:	2,007.104
Step-up value:	2,709.59, 135% of initial level
Threshold level:	1,327.34, 85% of initial level
Pricing date:	Dec. 23
Settlement date:	Dec. 31
Agent:	BofA Securities, Inc.
Fees:	2%
Cusip:	13607V606

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