New Issue: CIBC sells $19.05 million digital index-linked notes on S&P 500

By Wendy Van Sickle

Columbus, Ohio, May 11 – Canadian Imperial Bank of Commerce priced $19.05 million of 0% digital index-linked notes due Nov. 13, 2019 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or above its 90% threshold level, the payout at maturity will be the maximum settlement amount of $1,113 for each $1,000 principal amount.

Otherwise, investors will lose 1.1111% for each 1% decline beyond 10%.

CIBC World Markets Corp. is the underwriter.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Digital index-linked notes
Underlying index:	S&P 500
Amount:	$19,046,000
Maturity:	Nov. 13, 2019
Coupon:	0%
Price:	Par
Payout at maturity:	If index finishes at or above 90% threshold, par plus 11.3%; otherwise, 1.1111% loss per 1% decline beyond 10%
Initial level:	2,697.79
Pricing date:	May 9
Settlement date:	May 16
Agent:	CIBC World Markets Corp.
Fees:	0%
Cusip:	13605WLB5

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