New Issue: CIBC prices $1.5 million step-up callable notes with 2.25% initial rate

By Wendy Van Sickle

Columbus, Ohio, July 30 – Canadian Imperial Bank of Commerce priced $1.5 million of step-up callable notes due Jan. 31, 2023, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 2.25% initially, stepping up to 2.35% on July 31, 2020, to 2.45% on July 31, 2021 and to 2.55% on July 31, 2023. Interest is payable semiannually.

The payout at maturity will be par.

The notes are callable at par on July 31, 2020, Aug. 2, 2021 and Aug. 1, 2022.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Step-up callable notes
Amount:	$1.5 million
Maturity:	Jan. 31, 2023
Coupon:	2.25% initially, stepping up to 2.35% on July 31, 2020, to 2.45% on July 31, 2021 and to 2.55% on July 31, 2023; payable semiannually
Price:	Par
Call:	At par on July 31, 2020, Aug. 2, 2021 and Aug. 1, 2022
Payout at maturity:	Par
Pricing date:	July 29
Settlement date:	July 31
Agent:	CIBC World Markets Corp.
Fees:	0%
Cusip:	13605WRP8

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