By Marisa Wong
Los Angeles, Dec. 17 – Canadian Imperial Bank of Commerce priced $10 million of 0% capped leveraged barrier notes with averaging dates due Feb. 11, 2028 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes at or above the positive threshold level, 127% of the initial level, the payout at maturity per $1,000 principal amount will be the sum of (a) $1,320.10 plus (b) the product of (i) $1,000 multiplied by (ii) 246.75% multiplied by (iii) the difference of the index return minus 27%. The payout is subject to a maximum redemption amount of $2,011.00
If the index finishes below the positive threshold level but at or above the upper negative threshold level, 94% of the initial level, the payout will be the sum of (a) $1,000 plus (b) the product of (i) $1,000 times (ii) 97% times (iii) the sum of the index return plus 6%.
If the index finishes below the upper negative threshold level but at or above the lower negative threshold level, 74% of the initial level, the payout will be the sum of (a) $1,000 plus (b) the product of (i) $1,000 times (ii) 130% times (iii) the sum of the index return plus 6%.
If the index finishes below the lower negative threshold level, the payout will be par plus the index return with full exposure to losses.
The initial index level will be the average of the index closing levels on each of the trading days from and including Dec. 8 to and including March 9. The final index level will be the average of the index closing levels on each of the trading days from and including Nov. 9, 2027 to and including Feb. 8, 2028.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Capped leveraged barrier notes with averaging dates
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| Underlying index: | Russell 2000 index
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| Amount: | $10 million
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| Maturity: | Feb. 11, 2028
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| Coupon: | 0%
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| Price: | Par of $1,000
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| Payout at maturity: | If index finishes at or above 127% of initial level, sum of (a) $1,320.10 plus (b) product of (i) $1,000 multiplied by (ii) 246.75% multiplied by (iii) index return minus 27%, capped at $2,011.00 per note; if index finishes below 127% of initial level but at or above 94% of initial level, sum of (a) $1,000 plus (b) product of (i) $1,000 times (ii) 97% times (iii) sum of the index return plus 6%; if index finishes below 94% of initial level but at or above 74% of initial level, sum of (a) $1,000 plus (b) product of (i) $1,000 times (ii) 130% times (iii) sum of index return plus 6%; if index finishes below 74% of initial level, 1% loss for every 1% index decline below initial level
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| Initial level: | Average of closing levels on each of trading days from and including Dec. 8 to and including March 9
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| Final level: | Average of closing levels on each of trading days from and including Nov. 9, 2027 to and including Feb. 8, 2028
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| Pricing date: | Dec. 10
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| Settlement date: | Dec. 15
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0.125%
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| Cusip: | 13607X3W5
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