New Issue: CIBC prices $24.81 million buffered digital notes linked to S&P 500

By Wendy Van Sickle

Columbus, Ohio, April 6 – Canadian Imperial Bank of Commerce priced $24.81 million of 0% digital notes due April 6, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is greater than or equal to its initial level, the payout at maturity will be par plus 26%. If the index falls by up to 17%, the payout will be par. Otherwise, investors will lose 1% for every 1% that the index declines beyond 17%.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Digital notes
Underlying index:	S&P 500
Amount:	$24,812,000
Maturity:	April 6, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is greater than or equal to initial level, par plus 26%; if index falls by up to 17%, par; 1% loss for every 1% that index declines beyond 17%
Initial level:	2,470.5
Pricing date:	April 1
Settlement date:	April 6
Agent:	CIBC World Markets Corp.
Fees:	0.25%
Cusip:	13605WWX5

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