New Issue: CIBC prices $1.21 million leveraged upside participation market-linked notes on basket

By Taylor Fox

New York, Feb. 1 – Canadian Imperial Bank of Commerce priced $1.21 million of 0% market-linked securities with leveraged upside participation to a cap and a fixed percentage buffered downside due July 5, 2024 linked to a basket containing the SPDR Dow Jones industrial average ETF trust with a 50% weight, the SPDR S&P MidCap 400 ETF trust with a 30% weight and the iShares Russell 2000 ETF with a 20% weight, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 1.25 times any basket gain, up to a 20% maximum gain.

If the basket falls by up to 10%, the payout will be par.

Investors will lose 1% for each 1% basket decline beyond 10%.

Wells Fargo Securities, LLC is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Market-linked securities with leveraged upside participation to a cap and a fixed percentage buffered downside
Underlying basket:	SPDR Dow Jones industrial average ETF trust with a 50% weight, the SPDR S&P MidCap 400 ETF trust with a 30% weight and the iShares Russell 2000 ETF with a 20% weight
Amount:	$1,210,000
Maturity:	July 5, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.25 times any basket gain, up to a 20% maximum gain; par if basket falls by up to 10%; exposure to losses beyond 10% buffer
Initial ETF levels:	$304.13 for Dow, $419.43 for S&P and $196.41 for Russell
Buffer levels:	90% of initial levels
Pricing date:	Dec. 30
Settlement date:	Jan. 5
Agent:	Wells Fargo Securities, LLC
Fees:	3.07%
Cusip:	13605WP70

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