CIBC to price contingent coupon autocallable notes on three indexes

By Sarah Lizee

Olympia, Wash., Sept. 11 – Canadian Imperial Bank of Commerce plans to price contingent coupon autocallable notes Sept. 20, 2023 linked to the lowest performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 9% if each stock closes at or above its 70% coupon barrier on the observation date for that period.

The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call observation date.

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

CIBC World Markets Corp. is the agent.

The notes will price on Sept. 15.

The Cusip number is 13605WF30.

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