New Issue: CIBC sells $4.74 million contingent coupon autocallable notes on indexes

By Taylor Fox

New York, Feb. 22 – Canadian Imperial Bank of Commerce priced $4.74 million of market-linked securities – autocallable with contingent coupon and contingent downside due Jan. 29, 2025 linked to the worst performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a quarterly coupon at a rate of 9.1% per year if each index closes at or above its barrier level, 75% of its initial level, on a related observation date.

The notes will be called at par plus the coupon if each index closes above its initial level on any quarterly autocall observation date starting after six months.

The payout at maturity will be par plus any coupon unless any index finishes below its 70% principal barrier level, in which case investors will be fully exposed to any losses of the least-performing index.

Wells Fargo Securities, LLC is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Market-linked securities – autocallable with contingent coupon and contingent downside
Underlying indexes:	Euro Stoxx 50 index, Russell 2000 index and S&P 500 index
Amount:	$4,735,000
Maturity:	Jan. 29, 2025
Coupon:	9.1% per year, payable quarterly if each index closes at or above its coupon barrier level on observation date
Price:	Par
Payout at maturity:	Par plus any coupon due unless any index finishes below principal barrier level, in which case full exposure to any losses of the least-performing index
Call:	At par plus coupon if each index closes above initial level on any quarterly autocall observation date after six months
Initial levels:	3,714.24 for S&P, 2,073.641 for Russell and 3,481.44 for Stoxx
Coupon barrier levels:	2,758.68 for S&P, 1,555.23075 for Russell and 2,611.08 for Stoxx; 75% of initial levels
Principal barrier levels:	2,599.968 for S&P, 1,451.5487 for Russell and 2,437.008 for Stoxx; 70% of initial levels
Pricing date:	Jan. 29
Settlement date:	Feb. 3
Agent:	Wells Fargo Securities, LLC
Fees:	2.375%
Cusip:	13605WV32

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