New Issue: CIBC sells $22.97 million capped notes with absolute return buffer on S&P 500

By William Gullotti

Buffalo, N.Y., Aug. 2 – Canadian Imperial Bank of Commerce priced $22.97 million of 0% capped notes with absolute return buffer due July 26, 2024 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 of $10 plus any index gain, up to a maximum return of 15%.

If the index finishes flat or falls by up to 21%, investors will receive par plus the absolute value of the index return. Otherwise, investors will lose 1% for every 1% decline beyond 21%.

BofA Securities, Inc. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Capped notes with absolute return buffer
Underlying index:	S&P 500 index
Amount:	$22,965,650
Maturity:	July 26, 2024
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus any index gain, capped at 15%; if index falls by up to 21%, par plus absolute value of index return; otherwise, lose 1% for every 1% decline beyond 21%
Initial value:	4,072.43
Threshold value:	3,217.22; 79% of initial value
Final value:	Average of index’s closing levels on five trading days ending July 23, 2024
Pricing date:	July 28
Settlement date:	Aug. 4
Agent:	BofA Securities, Inc.
Fees:	2%
Cusip:	13607W554

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