New Issue: CIBC sells $11.5 million digital notes linked to S&P 500

By Wendy Van Sickle

Columbus, Ohio, Feb. 22 – Canadian Imperial Bank of Commerce priced $11.5 million of 0% digital notes due March 18, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is greater than or equal to negative 25%, the payout at maturity will be the maximum settlement amount of $1,042 per $1,000 note. Otherwise, investors will lose 1.3333% for each 1% index decline beyond 25%.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Digital notes
Underlying index:	S&P 500
Amount:	$11.5 million
Maturity:	March 18, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If the index return is at or above negative 25%, the payout at maturity will be the maximum settlement amount of $1,042 per $1,000 note; investors will lose 1.3333% for each 1% index decline beyond 25%
Initial level:	3,932.59
Threshold level:	75% of initial level
Pricing date:	Feb. 16
Settlement date:	Feb. 23
Agent:	CIBC World Markets Corp.
Fees:	0.8%
Cusip:	13605WX55

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