New Issue: CIBC prices $2 million digital notes linked to S&P 500

By Marisa Wong

Morgantown, W.Va., May 23 – Canadian Imperial Bank of Commerce priced $2 million of 0% digital notes due Feb. 22, 2019 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is at least negative 20%, the payout at maturity will be par plus 5.56%.

If the index falls by more than 20%, investors will lose 1.25% for every 1% decline beyond 20%.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Digital notes
Underlying index:	S&P 500
Amount:	$2 million
Maturity:	Feb. 22, 2019
Coupon:	0%
Price:	Par
Payout at maturity:	If the index return is at least negative 20%, par plus 5.56%; if index falls by more than 20%, 1.25% loss for every 1% decline beyond 20%
Initial level:	2,381.73
Pricing date:	May 19
Settlement date:	May 26
Agent:	CIBC World Markets Corp.
Fees:	1.76%
Cusip:	13605WDF5

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