New Issue: CIBC prices $2.53 million capped trigger gears linked to S&P 500

By Wendy Van Sickle

Columbus, Ohio, April 27 – Canadian Imperial Bank of Commerce priced $2.53 million of 0% capped trigger gears due April 30, 2026 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 three times any index gain, up to a maximum payout of par plus 35.8%.

Investors will receive par if the index declines but finishes at or above its downside threshold level, 75% of its initial level. Otherwise, investors will receive 1% for every 1% decline of the index from its initial level.

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

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Capped trigger gears
Underlying index:	S&P 500 index
Amount:	$2,529,980
Maturity:	April 30, 2026
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus triple any index gain, up to a maximum payout of par plus 35.8%; par if index declines but finishes at or above downside threshold; otherwise, 1% loss for every 1% decline of index from initial level
Initial index level:	4,071.63
Downside threshold:	3,053.72; 75% of initial index level
Pricing date:	April 25
Settlement date:	April 28
Agents:	UBS Financial Services Inc. and CIBC Capital Markets Corp.
Fees:	2.5%
Cusip:	13608K120

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