New Issue: CIBC prices $2.13 million trigger gears linked to S&P 500

By Wendy Van Sickle

Columbus, Ohio, July 11 – Canadian Imperial Bank of Commerce priced $2.13 million of 0% trigger Gears due June 30, 2028 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus 1.2984 times the index gain.

If the index finishes flat or declines no farther than the downside threshold, 75% of the initial level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the index from its initial level.

UBS Financial Services Inc. and CIBC Capital Markets are the agents.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Trigger gears
Underlying index:	S&P 500 index
Amount:	$2,132,500
Maturity:	June 30, 2028
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 1.2984 times the index gain; par if index finishes flat or falls by up to 25%; otherwise, full exposure to index decline from its initial level
Initial index level:	4,378.41
Downside threshold level:	3,283.81; 75% of initial level
Pricing date:	June 27
Settlement date:	June 30
Agents:	UBS Financial Services Inc. and CIBC Capital Markets
Fees:	3.5%
Cusip:	13608M712

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