New Issue: CIBC sells $80,000 contingent market-linked autocalls on Dow

By Kiku Steinfeld

Chicago, July 15 – Canadian Imperial Bank of Commerce priced $80,000 of market-linked securities due Jan. 3, 2025 – autocallable with contingent downside linked to the least performing of the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus 6.35% per year if the index closes at or above its initial level on any annual observation date starting Jan. 3, 2023.

The payout at maturity will be par unless the index finishes below its 80% downside threshold, in which case the payout will be par plus the return of the index with full exposure to any losses.

Wells Fargo Securities, LLC is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Market linked securities – autocallable with contingent downside
Underlying index:	Dow Jones industrial average
Amount:	$80,000
Maturity:	Jan. 3, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	Par unless index falls by more than 20%, in which case 1% loss per 1% decline of index
Call:	At par plus 6.35% per year if the index closes at or above its initial level on any annual observation date starting Jan. 3, 2023
Initial levels:	36,488.63
Coupon threshold:	29,190.904; 80% of initial levels
Downside threshold:	29,190.904; 80% of initial levels
Pricing date:	Dec. 29
Settlement date:	Jan. 3
Agent:	Wells Fargo Securities, LLC
Fees:	2.425%
Cusip:	13607X3C9

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