New Issue: CIBC prices $2.31 million leveraged upside participation notes on S&P

By Wendy Van Sickle

Columbus, Ohio, Oct. 26 – Canadian Imperial Bank of Commerce priced $2.31 million of 0% leveraged upside participation to a cap with a fixed percentage buffered downside – market-linked notes due April 5, 2023 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 125% of the gain, subject to a maximum return of 9% of the principal amount.

If the index falls by up to 7.5%, the payout will be par.

If the index falls by more than 7.5%, investors will lose 1% for every 1% decline beyond the 7.5% buffer.

Wells Fargo Securities, LLC is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Market-linked securities – leveraged upside participation to a cap with a fixed-percentage buffered downside
Underlying index:	S&P 500 index
Amount:	$2,312,000
Maturity:	April 5, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If the index return is positive, par plus 125% of the gain, subject to a cap of 9%; if the index falls by up to 7.5%, par; if the index falls by more than 7.5%, 1% loss for every 1% drop beyond 7.5%
Initial level:	4,307.54
Threshold level:	3,984.4745, 92.5% of initial level
Pricing date:	Sept. 30
Settlement date:	Oct. 5
Agent:	Wells Fargo Securities, LLC
Fees:	2.58%
Cusip:	13605W6K2

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