New Issue: CIBC prices $15.29 million capped gears linked to S&P

By Wendy Van Sickle

Columbus, Ohio, Feb. 28 – Canadian Imperial Bank of Commerce priced $15.29 million of 0% capped gears due April 28, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus three times any index gain, up to a maximum payout of par plus 15.54%.

Otherwise, investors will lose 1% for every 1% decline of the index.

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

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Capped gears
Underlying index:	S&P 500
Amount:	$15,294,770
Maturity:	April 28, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus three times any index gain, up to a maximum payout of par plus 15.54%; otherwise, 1% loss for every 1% decline of index
Initial index level:	4,225.5
Pricing date:	Feb. 23
Settlement date:	Feb. 28
Agents:	UBS Financial Services Inc. and CIBC Capital Markets Corp.
Fees:	2%
Cusip:	136071DZ7

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