New Issue: CIBC sells $1.58 million contingent market-linked securities with downside on S&P 500

By William Gullotti

Buffalo, N.Y., July 17 – Canadian Imperial Bank of Commerce priced $1.58 million of market-linked securities – contingent fixed return and contingent downside due Jan. 7, 2025 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 13.65% unless the index finishes below its 85% downside threshold, in which case investors will be fully exposed to the decline of the index from its initial level.

Wells Fargo Securities, LLC is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Market linked securities – contingent fixed return with contingent downside
Underlying index:	S&P 500 index
Amount:	$1,582,000
Maturity:	Jan. 7, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 13.65% unless index falls by more than 15%, in which case 1% loss per 1% decline of index from initial level
Initial levels:	4,450.38
Downside threshold:	3,782.823; 85% of initial levels
Pricing date:	June 30
Settlement date:	July 6
Agent:	Wells Fargo Securities, LLC
Fees:	1.83%
Cusip:	13607XJB4

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