New Issue: CIBC prices $3.24 million trigger autocallable contingent yield notes on S&P, Russell

By Wendy Van Sickle

Columbus, Ohio, July 28 – Canadian Imperial Bank of Commerce priced $3.24 million of trigger autocallable contingent yield notes due July 30, 2027 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a quarterly coupon at the rate of 10% per year if each index closes at or above its coupon barrier, 70% of its initial level, on any related observation date.

The notes will be automatically called at par plus coupon if each index close at or above the initial level on any quarterly call observation date after six months.

If the notes are not called and the final level of the laggard index is greater than or equal to the downside threshold level, 60% of the initial level, the payout at maturity will be par plus the final coupon, if any.

Otherwise, investors will lose 1% for every 1% decline in laggard index from the initial level.

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

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Trigger autocallable contingent yield notes
Underlying indexes:	S&P 500 index and Russell 2000 index
Amount:	$3,235,100
Maturity:	July 30, 2027
Coupon:	10% per year, paid quarterly, if each index closes at or above its coupon barrier on any related observation date
Price:	Par of $10
Payout at maturity:	Par plus any final coupon unless each index finishes below downside threshold level, in which case investors will be fully exposed to lesser performing index’s decline from its initial level
Call:	Automatically at par plus coupon if each index closes at or above initial level on any quarterly call observation date after six months
Initial level:	4,023.61 for S&P, 1,848.339 for Russell
Coupon barrier levels:	2,816.53 for S&P, 1,293.837 for Russell; 70% of initial levels
Downside thresholds:	2,414.17 for S&P, 1,109.003 for Russell; 60% of initial levels
Pricing date:	July 27
Settlement date:	July 29
Agents:	UBS Financial Services Inc. and CIBC Capital Markets
Fees:	0%
Cusip:	13608K500

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