New Issue: CIBC prices $1.17 million buffered autocallables linked to Dow industrials

By Angela McDaniels

Tacoma, Wash., Oct. 21 – Canadian Imperial Bank of Commerce priced $1.17 million of 0% autocallable market-linked securities with fixed percentage buffered downside due Oct. 23, 2023 linked to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called at par plus 6% per year if the index closes at or above the initial level on any annual call observation date.

If the notes are not called, the payout at maturity will be par unless the final index level is less than the threshold level, 90% of the initial index level, in which case investors will lose 1% for every 1% that the index declines beyond 10%.

Wells Fargo Securities, LLC is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Autocallable market-linked securities with fixed percentage buffered downside
Underlying index:	Dow Jones industrial average
Amount:	$1,174,000
Maturity:	Oct. 23, 2023
Coupon:	0%
Price:	Par
Payout at maturity:	Par unless final index level is less than threshold level, in which case 1% loss for every 1% that index declines beyond 10%
Call:	Automatically at par plus 6% per year if index closes at or above initial level on Oct. 21, 2020, Oct. 21, 2021, Oct. 21, 2022 or Oct. 16, 2023
Initial level:	27,001.98
Threshold level:	24,301.782, or 90% of initial level
Pricing date:	Oct. 16
Settlement date:	Oct. 21
Agent:	Wells Fargo Securities, LLC
Fees:	2.825%
Cusip:	13605WSY8

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