New Issue: CIBC sells $3.61 million step-down trigger autocallable notes on Stoxx, S&P

By Wendy Van Sickle

Columbus, Ohio, Jan. 26 – Canadian Imperial Bank of Commerce priced $3.61 million of 0% step-down trigger autocallable notes due Jan. 22, 2027 linked to the lesser performing of the Euro Stoxx 50 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par of $10 plus an annual call premium of 8.81% if each index closes at or above its initial level on any annual observation date.

The payout at maturity will be par plus 44.05% unless either index finishes below its 70% downside threshold, in which case investors will lose 1% for each 1% decline of the worse performing index.

UBS Financial Services Inc. and CIBC Capital Markets are the agents.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Step down trigger autocallable notes
Underlying indexes:	S&P 500 and Euro Stoxx 50
Amount:	$3.61 million
Maturity:	Jan. 22, 2027
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If each index finishes at or above downside threshold, par plus 44.05%; otherwise, 1% loss for each 1% decline of worse performing index
Call:	At par plus 8.81% if each index closes at or above its initial level on any annual observation date except the final observation date when the call level will be 70% of initial level
Initial index levels:	4,532.76 for S&P, 4,268.28 for Stoxx
Downside thresholds:	3,172.93 for S&P, 2987.8 for Stoxx; 70% of initial levels
Strike date:	Jan. 19
Pricing date:	Jan. 21
Settlement date:	Jan. 26
Agent:	UBS Financial Services Inc. and CIBC Capital Markets
Fees:	0%
Cusip:	136071DS3

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