By William Gullotti
Buffalo, N.Y., Oct. 30 – Canadian Imperial Bank of Commerce priced $3 million of 0% capped in-gears due Oct. 9, 2029 tied to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
At maturity, if the index’s return is greater than or equal to 42%, the payout will be par plus 94.6%.
If the index return is greater than or equal to 16% but less than 42%, the payout will be par plus 49.56% plus 1.732308 times the excess of the return over 16%.
If the index finishes at or above 88% of initial level but gains less than 16%, the payout will be par plus 1.77 times the quantity of the return plus 12%.
If the index falls by more than 12% but not by more than 24%, the payout will be par plus 200% of the quantity of the return plus 12%.
Otherwise, investors will lose 1% for every 1% decline in the index from its initial level.
BNP Paribas Securities Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Capped in-gears
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| Underlying index: | Russell 2000 index
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| Amount: | $3 million
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| Maturity: | Oct. 9, 2029
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If index return is greater than or equal to 42%, par plus 94.6%; if index return is greater than or equal to 16% but less than 42%, par plus 49.56% plus 1.732308 times the excess of the return over 16%; if index finishes at or above 88% of initial level but gains less than 16%, par plus 1.77 times the quantity of the return plus 12%; if index falls by more than 12% but not by more than 24%, plus 200% of the quantity of the return plus 12%; otherwise, full exposure to index decline from initial level
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| Initial index level: | Average of closing levels on each day during period from and including Oct. 20 to and including Dec. 6, 2023
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| Final level: | Average of closing levels on each day during the period from and including July 9, 2029 to and including Oct. 4, 2029
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| Upside threshold: | 116% of initial level
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| Upper downside threshold: | 82% of initial level
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| Lower downside threshold: | 76% of initial level
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| Pricing date: | Oct. 24
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| Settlement date: | Oct. 27
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| Agent: | BNP Paribas Securities Corp.
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| Fees: | 0.25%
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| Cusip: | 13608P137
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