New Issue: CIBC sells $2.5 million of 6.504% fixed-interest barrier notes on three stocks

By William Gullotti

Buffalo, N.Y., June 7 – Canadian Imperial Bank of Commerce priced $2.5 million of 6.504% fixed interest barrier notes due Feb. 10, 2022 linked to the worst performing of the common stocks of Apple Inc., Gilead Sciences, Inc. and Visa Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par plus the coupon unless any underlying stock finishes below its 65% trigger level, in which case investors will be fully exposed to the loss of the least performing stock.

CIBC World Markets Corp. is the underwriter.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Fixed interest barrier notes
Underlying stocks:	Apple Inc., Gilead Sciences, Inc., Visa Inc.
Amount:	$2.5 million
Maturity:	Feb. 10, 2022
Coupon:	6.504%, payable monthly
Price:	Par
Payout at maturity:	Par unless any stock finishes below barrier, in which full exposure to loss of least performing stock
Initial levels:	$66.54 for Gilead, $129.74 for Apple, $231.32 for Visa
Barrier levels:	$43.25 for Gilead, $84.33 for Apple, $150.36 for Visa; 65% of initial levels
Pricing date:	May 7
Settlement date:	May 12
Agent:	CIBC World Markets Corp.
Fees:	0.2%
Cusip:	13605W3U3

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