New Issue: CIBC prices $4.48 million barrier digital securities on Russell, S&P

By William Gullotti

Buffalo, N.Y., July 5 – Canadian Imperial Bank of Commerce priced $4.48 million of 0% barrier digital securities due Aug. 1, 2024 linked to the worst performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes at or above its 70% barrier level, the payout at maturity will be par plus 10.25%.

Otherwise, investors will be fully exposed to the worst performer’s decline from its initial level.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Barrier digital securities
Underlying indexes:	Russell 2000 index, S&P 500 index
Amount:	$4,477,000
Maturity:	Aug. 1, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If final index level of lesser performing index is greater than or equal to barrier level, par plus 10.25%; otherwise, full exposure to the worst performer’s decline from initial level
Initial levels:	4,396.44 for S&P, 1,881.591 for Russell
Barrier level:	3,077.51 for S&P, 1,317.114 for Russell; 70% of initial level
Pricing date:	June 29
Settlement date:	July 5
Agent:	CIBC World Markets Corp.
Fees:	0.25%
Cusip:	13607XKD8

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