By William Gullotti
Buffalo, N.Y., Dec. 10 – Canadian Imperial Bank of Commerce priced $2 million of 0% capped leveraged buffered notes due April 6, 2026 linked to the performance of the SPDR Dow Jones Industrial Average ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF finishes at or above its upper threshold, 102% of initial level, the payout at maturity will be par plus 26.25% plus 27.5% of the ETF’s gain above the threshold, subject to a maximum payout of par plus 34.5%.
If the ETF finishes below its upper threshold but at or above its lower threshold, 87% of initial level, the payout at maturity will be par plus 1.75 times the quantity of the ETF’s return plus 13%.
Otherwise, investors will lose 1% for every 1% decline below 13%.
The initial index level will be the average of the index’s closing levels on each trading day during the period from and including Dec. 6 to and including March 7, 2022, and the final index level will be the average of the index’s closing levels on each trading day during the period from and including Dec. 30, 2025 to and including March 31, 2026.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Capped leveraged buffered notes
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| Underlying fund: | SPDR Dow Jones Industrial Average ETF Trust
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| Amount: | $2 million
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| Maturity: | April 6, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the ETF finishes at or above upper threshold, par plus 26.25% plus 27.5% of the ETF’s gain above the threshold, capped at par plus 34.5%; if the ETF finishes below its upper threshold but at or above its lower threshold, par plus 1.75 times the quantity of the ETF’s return plus 13%; otherwise, investors will lose 1% for every 1% decline of the ETF below 13%
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| Initial level: | Average of closing levels on each trading day during period from and including Dec. 6 to and including March 7, 2022
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| Final level: | Average of closing levels on each trading day during period from and including Dec. 30, 2025 to and including March 31, 2026
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| Upper threshold: | 102% of initial level
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| Lower threshold: | 87% of initial level
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| Pricing date: | Dec. 8
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| Settlement date: | Dec. 13
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0.125%
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| Cusip: | 13607X3S4
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