New Issue: CIBC prices $20,000 notes linked to 25 stocks picked by Raymond James

By Angela McDaniels

Tacoma, Wash., July 22 – Canadian Imperial Bank of Commerce priced $20,000 of notes due July 27, 2021 linked to a basket of 25 stocks selected by Raymond James & Associates, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The basket consists of Aflac Inc., Alaska Air Group, Inc., Allstate Corp., Best Buy Co., Inc., Cheesecake Factory Inc., Comcast Corp., CyrusOne Inc., Cisco Systems, Inc., Covanta Holding Corp., Chevron Corp., Delta Air Lines Inc., Encompass Health Corp., Fastenal Co., Hewlett Packard Enterprise Co., Invitation Homes Inc., Lowe’s Cos., Inc., Medtronic plc, Oneok, Inc., Phillips 66, Qualcomm Inc., Steelcase Inc., Telephone and Data Systems, Inc., Union Pacific Corp., United Parcel Service, Inc. and Viper Energy Partners LP. Each stock has a weight of 4%.

The notes may pay interest quarterly. The interest payment, if any, will depend on the amount of dividends paid on each stock during the quarter and will equal (a) the sum of the dividend amounts for each of the stocks multiplied by (b) the participation rate, 98.6%.

For each stock, its dividend amount will equal (a) $1,000 divided by the applicable initial price multiplied by (b) the applicable stock weighting multiplied by (c) 100% of the gross cash distributions (including ordinary and extraordinary dividends), after withholding tax, if any, per share of the stock declared by its issuer where the date that the stock has begun trading ex-dividend on its primary U.S. securities exchange for the relevant distribution occurs during the relevant interest period.

The payout at maturity will be par plus 98.6% of the basket return. The notes are not principal protected, so investors will receive less than par if the basket return is negative.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Notes
Underlying stocks:	Aflac Inc., Alaska Air Group, Inc., Allstate Corp., Best Buy Co., Inc., Cheesecake Factory Inc., Comcast Corp., CyrusOne Inc., Cisco Systems, Inc., Covanta Holding Corp., Chevron Corp., Delta Air Lines Inc., Encompass Health Corp., Fastenal Co., Hewlett Packard Enterprise Co., Invitation Homes Inc., Lowe’s Cos., Inc., Medtronic plc, Oneok, Inc., Phillips 66, Qualcomm Inc., Steelcase Inc., Telephone and Data Systems, Inc., Union Pacific Corp., United Parcel Service, Inc. and Viper Energy Partners LP; equally weighted
Amount:	$20,000
Maturity:	July 27, 2021
Coupon:	Sum of dividend amounts for each stock multiplied by 98.6%; payable quarterly
Dividend amount:	(a) $1,000 divided by applicable initial price multiplied by (b) applicable stock weighting multiplied by (c) 100% of gross cash distributions (including ordinary and extraordinary dividends), after withholding tax, if any, per share of stock declared by its issuer where date that stock has begun trading ex-dividend on its primary U.S. securities exchange for relevant distribution occurs during relevant interest period
Price:	Par
Payout at maturity:	Par plus 98.6% of basket return
Pricing date:	July 19
Settlement date:	July 24
Agent:	CIBC World Markets Corp.
Fees:	None
Cusip:	136071AM9

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