New Issue: CIBC prices $1.87 million bear Accelerated Return Notes on S&P 500

By Wendy Van Sickle

Columbus, Ohio, Oct. 4 – Canadian Imperial Bank of Commerce priced $1.87 million of 0% bear Accelerated Return Notes due Nov. 24, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is negative, the payout at maturity will be par of $10 plus 3% for every 1% that the index declines, subject to a maximum return of 54.43%. If the index return is positive, investors will lose 1% for every 1% that the index increases.

Investors will be exposed to any index decline.

BofA Securities, Inc. is the underwriter.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Bear Accelerated Return Notes
Underlying index:	S&P 500 index
Amount:	$1,874,150
Maturity:	Nov. 24, 2023
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index return is negative, par plus 3% for every 1% that index declines, subject to 54.43% maximum return; if index return is positive, 1% loss for every 1% that index increases
Initial level:	3,640.47
Final level:	Average of index’s closing levels on five trading days ending Nov. 20, 2023
Pricing date:	Sept. 29
Settlement date:	Oct. 6
Agent:	BofA Securities, Inc.
Fees:	1.75%
Cusip:	13607W380

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