New Issue: CIBC sells $889,000 two-year capped buffered notes tied to S&P 500

By Sarah Lizee

Olympia, Wash., Oct. 30 – Canadian Imperial Bank of Commerce priced $889,000 of 0% capped buffered notes due Oct. 28, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus any index gain, up to a maximum settlement amount of $1,220 per $1,000 principal amount.

Investors will receive par if the index falls by up to 20% and will lose 1.25% for every 1% decline beyond 20%.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Capped buffered notes
Underlying index:	S&P 500
Amount:	$889,000
Maturity:	Oct. 28, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain, capped at 22%; if index falls by up to 20%, par; 1.25% loss per 1% drop beyond 20%
Initial level:	2,658.69
Pricing date:	Oct. 26
Settlement date:	Nov. 2
Agent:	CIBC World Markets Corp.
Fees:	2%
Cusip:	13605WMX6

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