New Issue: CIBC sells $1 million of 9.54% fixed interest barrier notes on Alphabet stock, S&P index

By William Gullotti

Buffalo, N.Y., Sept. 19 – Canadian Imperial Bank of Commerce priced $1 million of 9.54% fixed interest barrier notes due March 17, 2026 linked to the performance of the S&P MidCap 400 index and the stock performance of Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless any underlier finishes below its 60% barrier level, in which case investors will be fully exposed to the losses of the worst performer.

CIBC World Markets is the underwriter.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Fixed interest barrier notes
Underlying assets:	Alphabet Inc., S&P MidCap 400 index
Amount:	$1,002,000
Maturity:	March 17, 2026
Coupon:	9.54%, payable monthly
Price:	Par
Payout at maturity:	Par unless any underlier finishes below barrier, in which case investors will be exposed to the decline of the worst performer from its initial level
Initial levels:	$136.92 for Alphabet, 2,577.72 for index
Barrier levels:	$82.15 for Alphabet, 1,546.63 for index; 60% of initial levels
Strike date:	Sept. 11
Pricing date:	Sept. 12
Settlement date:	Sept. 15
Agent:	CIBC World Markets
Fees:	0.5%
Cusip:	13607XN94

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