New Issue: CIBC sells $28.48 million capped notes with absolute return buffer on S&P 500

By William Gullotti

Buffalo, N.Y., Nov. 1 – Canadian Imperial Bank of Commerce priced $28.48 million of 0% capped notes with absolute return buffer due Dec. 29, 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 of $10 plus any index gain, up to a maximum return of 10%.

If the index finishes flat or falls by up to 18.705%, investors will receive par plus the absolute value of the index return. Otherwise, investors will lose 1% for every 1% decline beyond 18.705%.

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:	$28,482,000
Maturity:	Dec. 29, 2023
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus any index gain, capped at 10%; if index falls by up to 18.705%, par plus absolute value of index return; otherwise, lose 1% for every 1% decline beyond 18.705%
Initial value:	3,807.3
Threshold value:	3,095.15; 81.295% of initial value
Final value:	Average of index’s closing levels on five trading days ending Dec. 26, 2023
Pricing date:	Oct. 27
Settlement date:	Nov. 3
Agent:	BofA Securities, Inc.
Fees:	1.75%
Cusip:	13607W331

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