New Issue: CIBC prices $22.3 million market-linked step-up notes tied to Dow Jones

By Devika Patel

Knoxville, Tenn., Dec. 28 – Canadian Imperial Bank of Commerce priced $22,298,840 of 0% market-linked step-up notes due Dec. 28, 2020 linked to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is greater than the step-up value, the payout at maturity will be par of $10 plus the index return. The step-up value is 135.5% of the initial index level.

If the final index level is greater than or equal to the initial level but less than or equal to the step-up value, the payout will be par plus the step-up payment, 35.5%.

If the final index level is less than the initial level, investors will have one-to-one exposure to the decline.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Market-linked step-up notes
Underlying index:	Dow Jones industrial average
Amount:	$22,298,840
Maturity:	Dec. 28, 2020
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If final index level is greater than step-up value, par plus index return; if final index level is greater than or equal to initial level but less than or equal to step-up value, par plus 35.5%; if final index level is less than initial level, one-to-one exposure to decline
Initial level:	17,417.27
Step-up value:	23,600.40, 135.5% of initial level
Pricing date:	Dec. 22
Settlement date:	Dec. 30
Agent:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	2.5%
Cusip:	136069325

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