By Wendy Van Sickle
Columbus, Ohio, Oct. 8 – Canadian Imperial Bank of Commerce priced $5.25 million of 0% leveraged upside participation market-linked notes due April 4, 2022 linked to the SPDR S&P 500 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF return is positive, the payout at maturity will be par plus 150% of the gain, subject to a maximum return of 21% of the principal amount.
If the ETF falls by up to 10%, the payout will be par.
If the ETF falls by more than 10%, investors will lose 1% for every 1% decline beyond the initial level.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Leveraged upside participation to a cap market-linked securities with a buffered downside
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| Underlying ETF: | SPDR S&P 500 ETF
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| Amount: | $5.25 million
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| Maturity: | April 4, 2022
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the ETF return is positive, par plus 150% of the gain, subject to a cap of 21%; if the ETF falls by up to 10%, par; if the ETF falls by more than 10%, 1% loss for every 1% drop beyond 10%
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| Initial level: | $296.77
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| Threshold level: | $267.093, 90% of initial level
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| Pricing date: | Sept. 30
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| Settlement date: | Oct. 3
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 2.77%
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| Cusip: | 13605WSB8
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