New Issue: CIBC sells $14.45 million digital index-linked notes due 2021 on S&P 500

By Sarah Lizee

Olympia, Wash., April 10 – Canadian Imperial Bank of Commerce priced $14.45 million of 0% digital index-linked notes due July 13, 2021 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 85% of its initial level, the payout at maturity will be $1,153 for each $1,000 principal amount.

Otherwise, investors will lose 1.1765% for each 1% decline beyond the buffer.

CIBC World Markets Corp. is the underwriter.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Digital index-linked notes
Underlying index:	S&P 500
Amount:	$14,447,000
Maturity:	July 13, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If index gains or falls by up to 15%, par plus 15.3%; otherwise, 1.1765% loss per 1% decline beyond buffer
Initial level:	2,895.77
Pricing date:	April 8
Settlement date:	April 15
Agent:	CIBC World Markets Corp.
Fees:	None
Cusip:	13605WQL8

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