New Issue: CIBC prices $369,000 digital buffered notes due 2021 linked to S&P 500

By Sarah Lizee

Olympia, Wash., June 27 – Canadian Imperial Bank of Commerce priced $369,000 of 0% digital buffered notes due June 29, 2021 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.

If the index finishes at or above its 85% buffer level, the payout at maturity will be par plus a fixed return of 15.5%.

Otherwise, investors will lose 1% for each 1% decline beyond the 15% buffer.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Digital buffered notes
Underlying index:	S&P 500
Amount:	$369,000
Maturity:	June 29, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If index finishes at or above 85% buffer level, par plus 15.5%; 1% loss for each 1% decline beyond the 15% buffer
Initial level:	2,723.06
Pricing date:	June 26
Settlement date:	June 29
Agent:	CIBC World Markets Corp.
Fees:	2.75%
Cusip:	13605WLK5

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