New Issue: CIBC prices $1 million capped leveraged barrier notes on Russell index, SPDR ETF

By William Gullotti

Buffalo, N.Y., Aug. 18 – Canadian Imperial Bank of Commerce priced $1 million of 0% capped leveraged barrier notes due Aug. 5, 2026 linked to the worst performing of the Russell 2000 index and the SPDR Dow Jones Industrial Average ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.

If the worst performing underlier’s return is positive, the payout at maturity will be par plus 300% of the gain of the worst performer, capped at a maximum payout of par plus 51.2%.

Investors will receive par if the worst performer falls by up to 20%. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Capped leveraged barrier notes
Underlying assets:	SPDR Dow Jones Industrial Average ETF Trust, Russell 2000 index
Amount:	$1,001,000
Maturity:	Aug. 5, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 300% of any gain in worst performer, capped at par plus 51.2%; par if the worst performer declines by no more than 20%; otherwise, 1% loss for each 1% the worst performer declines from initial level
Initial levels:	$355.57 for ETF, 2,003.177 for index
Barrier levels:	$284.46 for ETF, 1,602.542 for index; 80% of initial levels
Strike date:	July 31
Pricing date:	Aug. 1
Settlement date:	Aug. 4
Agent:	CIBC World Markets Corp.
Fees:	0.6%
Cusip:	13607XLZ8

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