New Issue: CIBC sells $1.11 million leveraged upside participation notes on Gold Miners ETF

By Taylor Fox

New York, Dec. 30 – Canadian Imperial Bank of Commerce priced $1.11 million of 0% leveraged upside participation market-linked securities due Dec. 21, 2023 linked to the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.

If the fund return is positive, the payout at maturity will be par plus 150% of the gain, subject to a maximum return of par plus 44%.

If the fund falls by up to 30%, the payout will be par.

If the fund falls by more than 30%, investors will lose 1% for every 1% decline below the initial level.

Wells Fargo Securities, LLC is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Leveraged upside participation market-linked securities
Underlying fund: VanEck Vectors Gold Miners ETF
Amount:	$1,109,000
Maturity:	Dec. 21, 2023
Coupon: 0%
Price:	Par
Payout at maturity:	If the fund return is positive, par plus 150% of the gain, up to maximum return of par plus 44%; if the fund falls by up to the threshold level, par; if the fund falls by more than 30%, 1% loss for every 1% drop below initial level
Initial level:	$36.03
Threshold level:	$25.221, 70% of initial level
Pricing date:	Dec. 16
Settlement date:	Dec. 21
Agent:	Wells Fargo Securities, LLC
Fees:	2.63%
Cusip:	13605WP96

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