New Issue: CIBC sells $1.17 million issuer callable contingent coupon barrier notes on stocks

By Kiku Steinfeld

Chicago, Sept. 27 – Canadian Imperial Bank of Commerce priced $1.17 million issuer callable contingent coupon barrier notes with memory coupon feature due Sept. 23, 2025 tied to the common shares of Costco Wholesale Corp., Lowe’s Cos., Inc. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 9.48% if each stock closes at or above its coupon barrier level, 80% of its initial level, on any related observation date, in which case any previously unpaid coupons will also be paid.

At the option of the issuer, the notes may be called at par plus any coupon due on any quarterly observation date.

The payout at maturity will be par unless any stock finishes below 60% of its initial value, in which case investors will receive a number of shares of the worst performer equal to $1,000 divided by that stock’s initial share price or, at the issuer’s option, the cash equivalent.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Issuer callable contingent coupon barrier notes with memory coupon feature
Underlying stocks:	Costco Wholesale Corp., Lowe’s Cos., Inc. and Walmart Inc.
Amount:	$1,171,000
Maturity:	Sept. 23, 2025
Coupon:	9.48% per year, payable each quarter that each stock closes at or above coupon barrier on related observation date, in which case any previously unpaid coupons will also be paid
Price:	Par
Payout at maturity:	Par unless any stock finishes below principal barrier, in which case shares of worst performer equal to $1,000 divided by that stock’s initial share price or cash equivalent at issuer’s option
Call option:	At par plus any coupon due on any quarterly observation date
Initial levels:	$460.73 for Costco, $205.61 for Lowe’s, $144.55 for Walmart
Coupon barrier levels:	$368.58 for Costco, $164.49 for Lowe’s, $115.64 for Walmart; 80% of initial levels
Principal barrier levels:	$276.44 for Costco, $123.37 for Lowe’s, $86.73 for Walmart; 60% of initial levels
Strike date:	Sept. 15
Pricing date:	Sept. 16
Settlement date:	Sept. 23
Agent:	CIBC World Markets Corp.
Fees:	0.404%
Cusip:	136071CM7

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