New Issue: CIBC sells $18.21 million capped notes with absolute return buffer on S&P 500

By Wendy Van Sickle

Columbus, Ohio, March 6 – Canadian Imperial Bank of Commerce priced $18.21 million of 0% capped notes with absolute return buffer due Feb. 28, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus any index gain, up to a maximum return of 44.6%. If the index falls by up to 20%, investors will receive par plus the absolute value of its return.

Investors will be exposed to any index decline beyond 20%.

BofA Securities, Inc. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Capped notes with absolute return buffer
Underlying index:	S&P 500
Amount:	$18,207,170
Maturity:	Feb. 28, 2025
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus any index gain, capped at 44.6%; if index falls by up to 20%, par plus absolute value of index return; exposure to any index decline beyond 20%
Initial index level:	2,978.76
Threshold value:	2,383.01, 80% of initial level
Final index level:	Average of index’s closing levels on five trading days ending Feb. 25, 2025
Pricing date:	Feb. 27
Settlement date:	March 5
Underwriter:	BofA Merrill Lynch
Fees:	2.5%
Cusip:	06417Q486

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