New Issue: CIBC sells $4.27 million contingent absolute return buffered market-linked notes on S&P

By William Gullotti

Buffalo, N.Y., Sept. 7 – Canadian Imperial Bank of Commerce priced $4.27 million of 0% market-linked securities — upside participation to a cap with contingent absolute return and fixed percentage buffered downside due Sept. 8, 2025 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 the index gain, subject to a maximum payout of par plus 20%

If the index falls by no more than 15%, the payout at maturity will be par plus the absolute value of the index return.

Otherwise, investors will lose 1% for every 1% decline beyond 15%.

Wells Fargo Securities, LLC is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Market-linked securities — upside participation to a cap with contingent absolute return and fixed percentage buffered downside
Underlying index:	S&P 500 index
Amount:	$4,274,000
Maturity:	Sept. 8, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain, capped at par plus 20%; if index falls but finishes at or above buffer level, par plus absolute value of index return; otherwise, 1% loss for every 1% decline beyond 15%
Initial level:	4,507.66
Buffer level:	3,831.511; 85% of initial level
Pricing date:	Aug. 31
Settlement date:	Sept. 6
Underwriter:	Wells Fargo Securities, LLC
Fees:	2.7%
Cusip:	13607XLP0

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