New Issue: CIBC prices $8.17 million leveraged barrier notes on S&P 500

By Sarah Lizee

Olympia, Wash., May 15 – Canadian Imperial Bank of Commerce priced $8.17 million of 0% leveraged barrier notes due May 19, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus 1.49 times the index gain.

Investors will receive par if the index declines by up to 30%.

Investors will be exposed to any losses if the index declines beyond the barrier.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Leveraged barrier notes
Underlying index:	S&P 500
Amount:	$8,173,000
Maturity:	May 19, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.49 times any index gain; par if index declines by up to 30%; otherwise, 1% loss for each 1% decline
Initial index level:	2,820
Barrier level:	1,974, 70% of initial level
Pricing date:	May 14
Settlement date:	May 19
Agent:	CIBC World Markets Corp.
Fees:	0.6%
Cusip:	13605WYE5

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