New Issue: CIBC sells $1.14 million memory coupon autocallable barrier notes on stocks, index

By William Gullotti

Buffalo, N.Y., July 8 – Canadian Imperial Bank of Commerce priced $1.14 million of contingent coupon autocallable barrier notes with memory coupon feature due July 7, 2025 linked to the worst performing of Apple Inc., Starbucks Corp., and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a quarterly coupon at an annualized rate of 8.852% if each underlier closes at or above its barrier level, 80% of its initial level, on a related observation date. Any previously unpaid coupons will also be paid.

The notes will be called at par plus coupon, including previously unpaid coupons, if each underlier closes above its initial level on any quarterly observation date after six months.

The payout at maturity will be par plus all unpaid coupons if all underliers finish at or above the coupon barrier.

If any underlier declines below the coupon barrier but all finish at or above its 60% principal barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Contingent coupon autocallable barrier notes with memory coupon feature
Underlying assets:	Apple Inc., Starbucks Corp., S&P 500 index
Amount:	$1,139,000
Maturity:	July 7, 2025
Coupon:	8.852% per year, payable quarterly if each underlier closes at or above its coupon barrier level on observation date; any previously unpaid coupons will be paid
Price:	Par
Payout at maturity:	If each underlier finishes at or above the coupon barrier, par plus all unpaid coupons; if any underlier falls below the coupon barrier but all finish at or above the principal barrier, par; otherwise, full exposure to any losses of the worst performer
Call:	At par plus coupon if each underlier closes above initial level on any quarterly observation date after six months; coupon includes any previously unpaid coupons
Initial levels:	4,291.8 for S&P, $136.33 for Apple, $112.27 for Starbucks
Coupon barrier levels:	3,433.44 for S&P, $109.06 for Apple, $89.82 for Starbucks; 80% of initial levels
Principal barrier levels:	2,575.08 for S&P, $81.80 for Apple, $67.36 for Starbucks; 60% of initial levels
Strike date:	June 29
Pricing date:	July 1
Settlement date:	July 7
Agent:	CIBC World Markets Corp.
Fees:	0.25%
Cusip:	13605W4W8

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