New Issue: CIBC prices $56.71 million autocallable buffered notes on S&P 500

By Wendy Van Sickle

Columbus, Ohio, Dec. 13 – Canadian Imperial Bank of Commerce priced $56.71 million of 0% autocallable buffered notes due Oct. 29, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus 12.4% if the index closes at or above 90% of its initial level on Nov. 2, 2023.

The payout at maturity will be par plus 24.8% unless the index finishes below its 90% buffer level, in which case investors will lose 1.1111% for every 1% decline of the index below the buffer.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Autocallable buffered notes
Underlying index:	S&P 500 index
Amount:	$56,713,000
Maturity:	Oct. 29, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 24.8% unless the index finishes below buffer level, in which case 1.1111% loss for every 1% decline of the index below the buffer
Call:	At par plus 12.4% if the index closes at or above 90% of initial level on Nov. 2, 2023
Initial level:	3,859.11
Buffer level:	3,147.5; 90% of initial level
Pricing date:	Oct. 25
Settlement date:	Nov. 1
Agent:	CIBC World Markets Corp.
Fees:	2%
Cusip:	13607XCU9

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