New Issue: CIBC sells $7.71 million leveraged buffered notes on index basket

By Wendy Van Sickle

Columbus, Ohio, May 16 – Canadian Imperial Bank of Commerce priced $7.71 million of 0% leveraged buffered notes due May 15, 2023 linked to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.

The basket consists of the S&P 500 index with a 60% weight, the Russell 2000 index with a 20% weight and the S&P MidCap 400 index with a 20% weight.

If the final basket value is at least 85% of its initial level, investors will receive at maturity par plus 1.445 times the average basket return, which is floored at zero and will equal the average of the values of the basket on five quarterly valuation dates beginning May 10, 2020.

Investors will lose 1.1765% for each 1% decline beyond 15%.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Leveraged buffered notes
Underlying basket:	S&P 500 index (60% weight), Russell 2000 index (20% weight) and S&P MidCap 400 index (20% weight)
Amount:	$7.71 million
Maturity:	May 15, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If average basket value on five quarterly valuation dates beginning May 10, 2020 is at least 85% of initial value, par plus 1.445 times the basket gain, with floor of zero; 1.1765% loss for every 1% decline beyond the buffer
Initial levels:	2,881.4 for S&P 500, 1,572.993 for Russell and 1,933.43 for S&P MidCap
Pricing date:	May 10
Settlement date:	May 15
Agent:	CIBC World Markets Corp.
Fees:	None
Cusip:	13605WQS3

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