New Issue: CIBC prices $38.77 million Leveraged Index Return Notes on S&P 500

By Marisa Wong

Morgantown, W.Va., Jan. 29 – Canadian Imperial Bank of Commerce priced $38,774,790 of 0% Capped Leveraged Index Return Notes due Jan. 31, 2020 linked to 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 of $10 plus 200% of the index return, subject to a maximum return of 13.32%. Investors will receive par if the index declines by 10% or less and will lose 1% for every 1% that it may decline beyond 10%.

BofA Merrill Lynch is the underwriter.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Capped Leveraged Index Return Notes
Underlying index:	S&P 500
Amount:	$38,774,790
Maturity:	Jan. 31, 2020
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 200% of any index gain, capped at 13.32%; par if the index declines by 10% or less; 1% loss for every 1% that it may decline beyond 10%
Initial index level:	2,839.25
Threshold level:	2,555.33, 90% of initial level
Final index level:	Average of index’s closing levels on five trading days ending Jan. 28, 2020
Pricing date:	Jan. 25
Settlement date:	Feb. 1
Underwriter:	BofA Merrill Lynch
Fees:	2%
Cusip:	13606M672

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