New Issue: CIBC sells $1.25 million digital index-linked notes linked to S&P 500

By Kiku Steinfeld

Chicago, June 14 – Canadian Imperial Bank of Commerce priced $1.25 million of 0% digital index-linked notes due April 12, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is at least negative 15%, the payout at maturity will be par plus 3.36%. Investors will lose 1.1765% for each 1% index decline beyond 15%.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Digital index-linked notes
Underlying index:	S&P 500
Amount:	$1.25 million
Maturity:	April 12, 2022
Coupon:	0%
Price:	Par
Payout at maturity:	If final index level is at least 85% of initial level, par plus 3.36%; otherwise, 1.1765% loss for each 1% decline beyond 15%
Initial level:	4,127.83
Pricing date:	May 18
Settlement date:	May 25
Agent:	CIBC World Markets Corp.
Fees:	0.91%
Cusip:	13605W3W9

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