New Issue: CIBC sells $5.12 million market-linked step-up notes tied to Stoxx

By Taylor Fox

New York, Oct. 26 – Canadian Imperial Bank of Commerce priced $5.12 million of autocallable market-linked step-up notes due Sept. 28, 2023 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called automatically at par plus an annual call premium of 11.3% if the index closes at or above its initial level on Sept. 30, 2021 or Sept. 22, 2022.

If the index gains, the payout at maturity will be the return of the index with a minimum step-up payment of par plus 35%.

Otherwise, investors will be fully exposed to the losses of the index.

BofA Securities Inc. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Market-linked step-up notes
Underlying index:	Euro Stoxx 50
Amount:	$5,118,360
Maturity:	Sept. 28, 2023
Coupon:	0%
Price:	Par of $10
Call:	At par plus a call premium of 11.3% per year if the index closes at or above initial level on Sept. 30, 2021 or Sept. 22, 2022
Payout at maturity:	If index gains, par plus index return with a minimum payment of par plus 35%; otherwise, full exposure to losses
Initial level:	3,159.64
Pricing date:	Sept. 24
Settlement date:	Oct. 1
Agent:	BofA Securities Inc.
Fees:	2%
Cusip:	13607H649

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