New Issue: CIBC prices $7.34 million autocallable contingent memory coupon notes on semiconductor basket

By Wendy Van Sickle

Columbus, Ohio, March 29 – Canadian Imperial Bank of Commerce priced $7.34 million of autocallable contingent coupon (with memory) notes due Sept. 29, 2023 linked to an equally weighted basket of the stocks of Nvidia Corp., Applied Materials, Inc. and Advanced Micro Devices, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes pay a contingent quarterly coupon at an annual rate of 16.23% if the basket closes at or above its coupon barrier price, 90% of its initial level, on the corresponding observation date, plus any previously unpaid coupon.

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

If the notes are not called and the final basket level is greater than or equal to the threshold value, 90% of the initial basket level, the payout will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% that the basket declines beyond 10%.

BofA Securities is the underwriter.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Autocallable contingent coupon (with memory) notes
Underlying basket:	Nvidia Corp. (33.34% weight), Applied Materials, Inc. (33.33% weight), Advanced Micro Devices, Inc. (33.33% weight)
Amount:	$7,339,440
Maturity:	Sept. 29, 2023
Coupon:	16.23% annual rate, payable quarterly if basket closes at or above coupon barrier price on the corresponding observation date, plus any previously unpaid coupon
Price:	Par
Payout at maturity:	If final basket level is greater than or equal to threshold value, par plus final coupon; otherwise, 1% loss for every 1% that basket declines beyond 10%
Call:	At par plus coupon if basket closes at or above initial level on any quarterly observation date from after six months
Initial levels:	$281.50 for Nvidia, $138.59 for Applied Materials, $120.53 for Advanced Micro
Coupon barrier price:	90% of initial value
Threshold value:	90% of initial value
Pricing date:	March 24
Settlement date:	March 31
Underwriter:	BofA Securities
Fees:	1.25%
Cusip:	13607W208

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