New Issue: CIBC prices $4 million Accelerated Return Notes on iShares ETF

By William Gullotti

Buffalo, N.Y., Dec. 29 – Canadian Imperial Bank of Commerce priced $4 million of 0% Accelerated Return Notes due Feb. 28, 2025 linked to the iShares U.S. Aerospace & Defense ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par of $10 plus triple any ETF gain, capped at par plus 12.3%.

Investors will be exposed to any ETF decline.

BofA Securities, Inc. is the underwriter.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Accelerated Return Notes
Underlying fund:	iShares U.S. Aerospace & Defense ETF
Amount:	$3,999,700
Maturity:	Feb. 28, 2025
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 300% of any ETF gain, capped at par plus 12.3%; otherwise, full exposure to any ETF decline
Initial level:	$125.20
Pricing date:	Dec. 21
Settlement date:	Dec. 29
Agent:	BofA Securities, Inc.
Fees:	1.75%
Cusip:	13608J396

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