New Issue: CIBC prices $4.7 million capped buffer gears linked to S&P 500

By Wendy Van Sickle

Columbus, Ohio, April 27 – Canadian Imperial Bank of Commerce priced $4.7 million of 0% capped buffer gears due April 30, 2025 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 plus two times any index gain, up to a maximum payout of par plus 21.74%.

Investors will receive par if the index declines but finishes at or above its buffer level, 85% of its initial level. Otherwise, investors will receive 1% for every 1% decline of the index beyond 15%.

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

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Capped buffer gears
Underlying index:	S&P 500 index
Amount:	$4,698,800
Maturity:	April 30, 2025
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus double any index gain, up to a maximum payout of par plus 21.74%; par if index declines but finishes at or above buffer level; otherwise, 1% loss for every 1% decline of index beyond 15%
Initial index level:	4,071.63
Buffer level:	3,2460.89; 85% of initial index level
Pricing date:	April 25
Settlement date:	April 28
Agents:	UBS Financial Services Inc. and CIBC Capital Markets Corp.
Fees:	2%
Cusip:	13608K138

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