New Issue: CIBC prices $5.58 million capped trigger gears linked to Russell 2000

By William Gullotti

Buffalo, N.Y., March 30 – Canadian Imperial Bank of Commerce priced $5.58 million of 0% capped trigger gears due March 31, 2025 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus two times any index gain, up to a maximum payout of par plus 39.66%.

Investors will receive par if the index declines but finishes at or above its downside threshold level, 75% of its initial level. Otherwise, investors will receive 1% for every 1% decline of the index from its initial level.

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

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Capped trigger gears
Underlying index:	Russell 2000 index
Amount:	$5,577,650
Maturity:	March 31, 2025
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus double any index gain, up to a maximum payout of par plus 39.66%; par if index declines but finishes at or above downside threshold; otherwise, 1% loss for every 1% decline of index from initial level
Initial index level:	2,078.06
Downside threshold:	1,558.545; 75% of initial index level
Pricing date:	March 28
Settlement date:	March 31
Agents:	UBS Financial Services Inc. and CIBC Capital Markets Corp.
Fees:	2.5%
Cusip:	13608J206

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