Chicago, Jan. 17 – Canadian Imperial Bank of Commerce priced $2 million of 0% capped buffer in-gears due Oct. 3, 2029 tied to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes at or above its upper threshold, 115% of initial level, the payout at maturity will be par plus 55.8% and 0.256 times the return minus 15%, with a cap of par plus 69.88%.
If the index gains less than 15% but finishes at or above the 85% downside threshold, the payout will be par plus 1.86 times the sum of the index return plus a 15% buffer.
Otherwise, investors will lose 1% for every 1% decline in the index beyond 15%.
BNP Paribas Securities Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Capped buffer in-gears
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| Underlying index: | Russell 2000 index
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| Amount: | $2 million
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| Maturity: | Oct. 3, 2029
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If index finishes at or above upper threshold, par plus sum of 55.8% and the product of 0.256 times the return minus 15%; if index finishes below upper threshold but at or above downside threshold, par plus 1.86 times the sum of the index return plus a 15% buffer; otherwise, lose 1% for every 1% decline beyond 15%
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| Initial index level: | Average of closing levels on each day during period from and including Jan. 4 to and including April 4
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| Final level: | Average of closing levels on each day during the period from and including July 2, 2029 to and including Sept. 28, 2029
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| Upper threshold: | 115% of initial level
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| Downside threshold: | 85% of initial level
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| Pricing date: | Jan. 8
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| Settlement date: | Jan. 11
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| Agent: | BNP Paribas Securities Corp.
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| Fees: | 0.25%
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| Cusip: | 13608P418
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