New Issue: CIBC prices $1.9 million bearish barrier digital notes on S&P

By Sarah Lizee

Olympia, Wash., Sept. 9 – Canadian Imperial Bank of Commerce priced $1.9 million of 0% bearish barrier digital securities due March 11, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or below 90% of its initial level, the payout at maturity will be par plus 19%.

If the index finishes between 90% and its initial level, the payout will be par.

Otherwise, investors will lose 1% for each 1% gain of the index, subject to a minimum payout of zero.

CIBC World Markets Corp. is the underwriter.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Bearish barrier digital securities
Underlying index:	S&P 500 index
Amount:	$1.9 million
Maturity:	March 11, 2021
Coupon:	0%
Price:	Par
Payout at maturity:	If index finishes at or below 90% of initial level, par plus 19%; if final level of index is greater than or equal to 90% of initial level but less than or equal to initial level, par; otherwise, full inverse exposure to gain of index, subject to a minimum payout of zero
Initial index level:	3,331.84
Digital threshold value:	2,998.66, 90% of initial level
Pricing date:	Sept. 8
Settlement date:	Sept. 11
Agent:	CIBC World Markets Corp.
Fees:	1.25%
Cusip:	13605WD99

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