By Taylor Fox
New York, Nov. 11 – Canadian Imperial Bank of Commerce priced $225,000 of 0% autocallable barrier notes due Oct. 20, 2026 linked to the SPDR S&P 500 ETF Trust, the iShares Russell 2000 ETF and the Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically redeemed at par a 12% annualized call premium if each fund closes above its call level on any semiannual observation date after one year. The call price is 97% of the initial price for each fund.
If the notes are not called, the payout at maturity will be par plus the final call premium of 72% if all three funds finish above 97% of their initial level.
If the worst performing fund finishes between its 70% trigger level and its 97% call level, the payout will be par.
Otherwise, investors will be fully exposed to the losses of the worst performer.
CIBC World Markets is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Autocallable barrier notes
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| Underlying funds: | SPDR S&P 500 ETF Trust, the iShares Russell ETF and the Invesco QQQ Trust, Series 1
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| Amount: | $225,000
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| Maturity: | Oct. 20, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 72% premium if all three funds close above 97% of initial level; par if worst performer finishes between 70% and 97% of initial level; otherwise full exposure to losses of worst performer
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| Call: | At par plus 12% annualized premium if all funds close above call price on any semiannual call date after one year; call price is 97% of initial price
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| Initial values: | $347.50 for S&P, $162.75 for Russell and $290.10 for QQQ
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| Trigger levels: | $243.25 for S&P, $113.93 for Russell and $203.07 for QQQ, 70% of initial values
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| Pricing date: | Oct. 15
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| Settlement date: | Oct. 20
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| Agent: | CIBC World Markets
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| Fees: | 1.25%
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| Cusip: | 13605WH79
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