By Wendy Van Sickle
Columbus, Ohio, Nov. 30 – Canadian Imperial Bank of Commerce priced $24.24 million of 0% autocallable buffered notes due Nov. 28, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus 8.17% if the index closes at or above the initial index level on Dec. 1, 2021.
If the notes are not called and the index return is positive, the payout at maturity will be par plus 16.34%. Investors will receive par if the index falls by up to 10% and will lose 1% for each 1% loss beyond 10%.
CIBC World Markets Corp. is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable buffered notes
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| Underlying index: | S&P 500
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| Amount: | $24.24 million
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| Maturity: | Nov. 28, 2022
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| Coupon: | 0%
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| Price: | Par of $1,000
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| Payout at maturity: | If the notes are not called and the index return is positive, par plus 16.34%; par if the index falls by up to 10%; 1% loss for each 1% loss beyond 10%
|
| Call: | Automatically at par plus 8.17% if the index closes at or above the initial index level on Dec. 1, 2021
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| Initial level: | 3,577.59
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| Buffer level: | 90% of initial level
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| Pricing date: | Nov. 23
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| Settlement date: | Dec. 1
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| Agent: | CIBC World Markets Corp.
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| Fees: | 2%
|
| Cusip: | 13605WM99
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