New Issue: CIBC prices $4.78 million trigger Gears linked to S&P, Russell

By William Gullotti

Buffalo, N.Y., Dec. 20 – Canadian Imperial Bank of Commerce priced $4.78 million of 0% trigger Gears due Dec. 18, 2026 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the least performing index’s return is positive, the payout at maturity will be par plus 1.42 times the least performing index’s gain.

If the least performing index finishes at or below its initial level but at or above its downside threshold, 75% of the initial level, the payout will be par.

Otherwise, investors will be fully exposed to the decline of the least performing index from its initial level.

UBS Financial Services Inc. and CIBC Capital Markets are the agents.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Trigger gears
Underlying indexes:	S&P 500 index, Russell 2000 index
Amount:	$4,784,200
Maturity:	Dec. 18, 2026
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 1.42 times the least performing index gain; par if least performing index finishes flat or falls by up to 25%; otherwise, full exposure to least performing index decline from its initial level
Initial index level:	4,709.85 for S&P, 2,195.209 for Russell
Downside threshold levels:	3,532.39 for S&P, 1,646.407 for Russell; 75% of initial levels
Pricing date:	Dec. 15
Settlement date:	Dec. 20
Agents:	UBS Financial Services Inc. and CIBC Capital Markets
Fees:	3.5%
Cusip:	136071CZ8

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