New Issue: CIBC prices $11.46 million 9.83% trigger callable yield notes linked to S&P 500

By Wendy Van Sickle

Columbus, Ohio, March 24 – Canadian Imperial Bank of Commerce priced $11.46 million of 9.83% trigger callable yield notes due June 27, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes are callable at par of $10 on any monthly coupon payment date after three months.

The payout at maturity will be par unless the index finishes below its 65% downside threshold level, in which case investors will be fully exposed to the index’s decline.

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

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Trigger callable yield notes
Underlying index:	S&P 500 index
Amount:	$11,464,700
Maturity:	June 27, 2024
Coupon:	9.83%, payable monthly
Price:	Par of $10
Payout at maturity:	If the index finishes at or above downside threshold level, par; otherwise, full exposure to decline from initial level
Call option:	At par on any monthly call date after three months
Initial level:	3,936.97
Downside threshold level:	2,559.03; 65% of initial level
Pricing date:	March 22
Settlement date:	March 27
Agents:	CIBC Capital Markets and UBS Financial Services Inc.
Fees:	0%
Cusip:	13608K245

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