New Issue: CIBC sells $1.34 million contingent coupon autocallable notes on index, ETFs

By Kiku Steinfeld

Chicago, Nov. 30 – Canadian Imperial Bank of Commerce priced $1.34 million of contingent coupon autocallable yield notes due Nov. 18, 2025 linked to the worst performing of the S&P 500 index, the Invesco QQQ Trust, Series 1 and the SPDR Dow Jones industrial average ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a quarterly coupon at an annualized rate of 5.12% if each asset closes at or above its barrier level, 70% of its initial level, on a related observation date.

The notes will be called at par plus the coupon if each asset closes above its initial level on any quarterly autocall observation date starting after six months.

The payout at maturity will be par plus any coupon due unless any asset finishes below its 70% principal barrier level, in which case investors will be fully exposed to any losses of the least-performing asset.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Contingent coupon autocallable yield notes
Underlying assets:	S&P 500 index, Invesco QQQ Trust, Series 1 and SPDR Dow Jones industrial average ETF
Amount:	$1,343,000
Maturity:	Nov. 18, 2025
Coupon:	5.12% per year, payable quarterly if each asset closes at or above its coupon barrier level on observation date
Price:	Par
Payout at maturity:	Par plus any coupon due unless any asset finishes below principal barrier level, in which case full exposure to any losses of the least-performing asset
Call:	At par plus coupon if each asset closes above initial level on any quarterly autocall observation date starting after six months
Initial levels:	3,585.15 for S&P, $295.15 for Dow and $290.93 for QQQ
Coupon barrier levels:	2,151.09 for S&P, $177.09 for Dow and $174.56 for QQQ; 70% of initial levels
Principal barrier levels:	2,151.09 for S&P, $177.09 for Dow and $174.56 for QQQ; 70% of initial levels
Pricing date:	Nov. 13
Settlement date:	Nov. 18
Agent:	CIBC World Markets Corp.
Fees:	0.5%
Cusip:	13605WM65

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