New Issue: CIBC sells $2.8 million market-linked autocalls with buffered downside on S&P 500

By Wendy Van Sickle

Columbus, Ohio, Nov. 1 – Canadian Imperial Bank of Commerce priced $2.8 million of 0% market-linked autocallable securities with fixed percentage buffered downside due Nov. 3, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called at par plus a fixed call premium of 11% per year if the index closes at or above the initial index level on annual call observation date.

If the notes are not called, meaning the index has closed below its initial level, the payout at maturity will be par unless the index falls by more than 10%, in which case investors will be exposed to losses beyond the 10% buffer.

Wells Fargo Securities, LLC is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Market-linked autocallable securities with fixed-percentage buffered downside
Underlying index:	S&P 500 index
Amount:	$2,796,000
Maturity:	Nov. 3, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If not called, par unless index falls by more than 10% in which case exposure to losses beyond 10% buffer
Call:	Automatically at par plus 11% annualized call premium if the index closes at or above the initial index level on any annual call observation date
Initial level:	3,901.06
Threshold level:	3,510.954; 90% of initial level
Pricing date:	Oct. 28
Settlement date:	Nov. 2
Underwriter:	Wells Fargo Securities, LLC
Fees:	2.775%
Cusip:	13607XCC9

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