New Issue: CIBC sells $1.05 million issuer callable contingent coupon barrier notes on indexes, ETF

Chicago, June 23 – Canadian Imperial Bank of Commerce priced $1.05 million issuer callable contingent coupon barrier notes due Dec. 15, 2026 tied to the worst performing of the SPDR Dow Jones Industrial Average ETF Trust, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a quarterly contingent coupon at an annual rate of 8.32% if all underliers close at or above their 70% coupon barrier on the corresponding observation date.

The notes may be called at par plus any coupon due at the option of the issuer on any quarterly call payment date.

Investors will receive par plus the contingent coupon if the final level of the least performing underlier is greater than or equal to its coupon barrier.

If the worst performer finishes below the coupon barrier but at or above the 60% trigger level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the worst performer’s decline from its initial level.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Issuer callable contingent coupon barrier note
Underlying assets:	S&P 500 index, SPDR Dow Jones Industrial Average ETF Trust, Russell 2000 index
Amount:	$1,050,000
Maturity:	Dec. 15, 2026
Coupon:	8.32% per year, paid quarterly if all underliers close at or above their respective coupon barriers on the relevant observation date
Price:	Par
Payout at maturity:	Par plus contingent coupon if each underlier finishes at or above coupon barrier level; if the worst performer finishes below its coupon barrier but at or above trigger level, par; otherwise, full exposure to decline of worst performer from its initial level
Call option:	At par plus any coupon due at the option of the issuer on any quarterly coupon payment date
Initial levels:	$360.23 for ETF, 4,712.02 for S&P, 2,211.806 for Russell
Coupon barrier levels:	$252.16 for ETF, 3,298.41 for S&P, 1,548.264 for Russell; 70% of initial levels
Trigger levels:	$216.14 for ETF, 2,827.21 for S&P, 1,327.084 for Russell; 60% of initial levels
Pricing date:	Dec. 10, 2021
Settlement date:	Dec. 15, 2021
Agent:	CIBC World Markets Corp.
Fees:	0.25%
Cusip:	13607X3Q8

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