New Issue: CIBC prices $5.45 million contingent coupon autocallable notes on stocks

By Wendy Van Sickle

Columbus, Ohio, Dec. 20 – Canadian Imperial Bank of Commerce priced $5.45 million of contingent coupon autocallable notes due Dec. 20, 2022 linked to the lowest performing of the stocks of Continental Resources, Inc., Clorox Co., International Business Machines Corp. and Morgan Stanley, according to a 424B3 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 17.2% if each stock closes at or above its 65% coupon barrier on the observation date for that quarter.

The notes will be called at par plus the contingent coupon if each stock closes at or above 90% of its initial level on any quarterly valuation date.

The payout at maturity will be par plus any coupon unless any underlying stock finishes below its 65% trigger level, in which case investors will receive a number of shares of the least performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.

CIBC World Markets is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Contingent coupon autocallable notes
Underlying stocks:	Continental Resources, Inc., Clorox Co., International Business Machines Corp. and Morgan Stanley
Amount:	$5,449,000
Maturity:	Dec. 20, 2022
Coupon:	17.2% annualized, payable quarterly if each index closes at or above 65% coupon barrier on observation date for that quarter
Price:	Par
Payout at maturity:	Par unless any stock finishes below barrier, in which case a number of shares of the least performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
Call:	At par if each index closes at or above 90% of initial level on any quarterly valuation date
Initial levels:	$33.96 for Continental Resources, $150.08 for Clorox, $134.22 for IBM and $50.90 for Morgan Stanley
Barrier levels:	$22.07 for Continental Resources, $97.55 for Clorox, $87.24 for IBM and $33.09 for Morgan Stanley; 65% of initial levels
Pricing date:	Dec. 18
Settlement date:	Dec. 23
Agents:	CIBC World Markets Corp.
Fees:	4%
Cusip:	136071BH9

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