New Issue: CIBC sells $1.03 million market-linked upside notes with buffered downside on S&P

By William Gullotti

Buffalo, N.Y., April 27 – Canadian Imperial Bank of Commerce priced $1.03 million of 0% market-linked securities — leveraged upside participation to a cap and fixed percentage buffered downside due April 5, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes positive, the payout at maturity will be par plus 150% of the index gain, subject to a maximum payout of par plus 61%

If the index finishes flat or falls up to 10%, the payout at maturity will be par. Otherwise, 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 securities — leveraged upside participation to a cap and fixed percentage buffered downside
Underlying index:	S&P 500 index
Amount:	$1.03 million
Maturity:	April 5, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 150% of any index gain, capped at 61%; if the index falls by up to 10%, par; otherwise, 1% loss for every 1% decline beyond 10% buffer
Initial level:	4,109.31
Threshold level:	3,698.379; 90% of initial level
Pricing date:	March 31
Settlement date:	April 5
Underwriter:	Wells Fargo Securities, LLC
Fees:	3.36%
Cusip:	13607XGW1

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