CIBC plans buffered autocallable securities linked to S&P 500 index

By Angela McDaniels

Tacoma, Wash., Dec. 16 – Canadian Imperial Bank of Commerce plans to price 0% autocallable market-linked securities with fixed percentage buffered downside due Dec. 26, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called at par plus 6% to 7% per year if the index closes at or above the initial level on any of four annual call observation dates.

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.

The notes will price Dec. 20.

The Cusip number is 13605WUN9.

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