New Issue: CIBC prices $38.74 million notes on Raymond James Best Picks for 2022

By Marisa Wong

Los Angeles, Feb. 2 – Canadian Imperial Bank of Commerce priced $38.74 million of notes due Feb. 6, 2023 linked to a basket of equally weighted stocks selected as Raymond James Analysts’ Best Picks for 2022, according to a 424B2 filing with the Securities and Exchange Commission.

In December of each year, the equity research department at Raymond James selects its best picks for the following calendar year. Raymond James’ goal in selecting its best picks is to identify stocks that will be able to sustain operational growth and price appreciation over a 12-month period.

The 20 reference shares are Advance Auto Parts, Inc., Bloomin’ Brands, Inc., Cadence Bank, Chubb Ltd., Cognex Corp., Cushman & Wakefield plc, Darling Ingredients Inc., D.R. Horton, Inc., Encompass Health Corp., Estee Lauder Cos. Inc., EngageSmart, Inc., Diamondback Energy, Inc., Forward Air Corp., Microchip Technology Inc., Public Storage, Scotts Miracle-Gro Co., TD Synnex Corp., Switch, Inc., Wesco International, Inc. and Wintrust Financial Corp.

The notes will pay interest quarterly. The amount of each interest payment, if any, will depend on the amount of dividends on each stock during the quarter preceding the coupon payment date and will equal the sum of the dividend amounts for each of the stocks multiplied by 97.8%. Because the participation rate is less than 100%, the coupon payments on the notes will be less than the dividend amounts.

For each $1,000 principal amount, the payout at maturity will be (a) $1,000 multiplied by (b) the basket level percentage – the sum of the weighted reference share performances – multiplied by (c) 97.8%. Because the participation rate is less than 100%, the basket level percentage must exceed 102.25% in order for investors to receive more than par.

For each stock, the initial share price is the average of that stock’s closing share prices on each of the four averaging dates shortly before the issue date of the notes. The final share price will be the average of that stock’s closing share prices on each of the four valuation dates prior to the maturity date.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Notes linked to Raymond James Analysts’ Best Picks for 2022
Underlying stocks:	Advance Auto Parts, Inc. (Symbol: AAP), Bloomin’ Brands, Inc. (Symbol: BLMN), Cadence Bank (Symbol: CADE), Chubb Ltd. (Symbol: CB), Cognex Corp. (Symbol: CGNX), Cushman & Wakefield plc (Symbol: CWK), Darling Ingredients Inc. (Symbol: DAR), D.R. Horton, Inc. (Symbol: DHI), Encompass Health Corp. (Symbol: EHC), Estee Lauder Cos. Inc. (Symbol: EL), EngageSmart, Inc. (Symbol: ESMT), Diamondback Energy, Inc. (Symbol: FANG), Forward Air Corp. (Symbol: FWRD), Microchip Technology Inc. (Symbol: MCHP), Public Storage (Symbol: PSA), Scotts Miracle-Gro Co. (Symbol: SMG), TD Synnex Corp. (Symbol: SNX), Switch, Inc. (Symbol: SWCH), Wesco International, Inc. (Symbol: WCC) and Wintrust Financial Corp. (Symbol: WTFC); equally weighted
Amount:	$38,735,000
Maturity:	Feb. 6, 2023
Coupon:	Amount of each quarterly coupon will equal the sum of the dividend amounts for each of the stocks multiplied by 97.8%; coupon payments will be less than the dividend amounts
Price:	Par
Payout at maturity:	For each $1,000 principal amount, (a) $1,000 multiplied by (b) the basket level percentage – the sum of the weighted reference share performances – multiplied by (c) 97.8%; basket level percentage must exceed 102.25% in order for investors to receive more than par
Initial share price:	Average of stock’s closing prices on Jan. 28, Jan. 31, Feb. 1 and Feb. 2
Final share price:	Average of stock’s closing prices on Jan. 30, 2023, Jan. 31, 2023, Feb. 1, 2023 and Feb. 2, 2023
Pricing date:	Jan. 28
Settlement date:	Feb. 4
Agent:	CIBC World Markets Corp.
Fees:	1.25%
Cusip:	136071DH7

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