New Issue: CIBC sells $1.35 million of 8.808% fixed-interest barrier notes on two SPDR ETFs

By William Gullotti

Buffalo, N.Y., Oct. 26 – Canadian Imperial Bank of Commerce priced $1.35 million of 8.808% fixed interest barrier notes due Feb. 25, 2025 linked to the performance of the Consumer Discretionary Select Sector SPDR Fund and the Financial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par plus the final fixed coupon unless any underlying ETF finishes below its 60% barrier level, in which case investors will be fully exposed to the decline of the worst performer from its initial level.

CIBC World Markets is the underwriter.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Fixed interest barrier notes
Underlying funds:	Consumer Discretionary Select Sector SPDR Fund, Financial Select Sector SPDR Fund
Amount:	$1,346,000
Maturity:	Feb. 25, 2025
Coupon:	8.808%, payable monthly
Price:	Par
Payout at maturity:	Par plus final fixed coupon unless any ETF finishes below barrier, in which case lose 1% for each 1% decline of the worst performer from initial level
Initial levels:	$141.10 for Consumer, $31.77 for Financial
Barrier levels:	$84.66 for Consumer, $19.06 for Financial; 60% of initial levels
Strike date:	Oct. 19
Pricing date:	Oct. 20
Settlement date:	Oct. 25
Agent:	CIBC World Markets
Fees:	0.47%
Cusip:	13607XCT2

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