New Issue: CIBC sells $17.03 million Accelerated Return Notes on Russell 2000

By Marisa Wong

Morgantown, W.Va., May 10 – Canadian Imperial Bank of Commerce priced $17.03 million of 0% Accelerated Return Notes due June 26, 2020 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus triple any index gain, up to a maximum return of 13.05%. Investors will be exposed to any index decline.

BofA Merrill Lynch is the underwriter.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Accelerated Return Notes
Underlying index:	Russell 2000
Amount:	$17,028,430
Maturity:	June 26, 2020
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 300% of any index gain, capped at 13.05%; exposure to any index decline
Initial index level:	1,575.612
Final index level:	Average of index’s closing levels on five trading days ending June 23, 2020
Pricing date:	April 25
Settlement date:	May 2
Underwriter:	BofA Merrill Lynch
Fees:	2%
Cusip:	13607G401

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