By Kiku Steinfeld
Chicago, Sept. 19 – Canadian Imperial Bank of Commerce priced $1.1 million of autocallable barrier notes due Feb. 2, 2027 linked to the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus 8.4% per year if the fund closes at or above its initial level on any quarterly observation date after one year.
The payout at maturity will be par unless the fund finishes below its 70% barrier level, in which case investors will be fully exposed to the decline.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Autocallable barrier notes
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| Underlying fund: | SPDR S&P Regional Banking ETF
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| Amount: | $1.1 million
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| Maturity: | Feb. 2, 2027
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par unless fund finishes below principal barrier level, in which case full exposure to losses of fund
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| Call: | At par plus 8.4% per year if fund closes at or above initial level on any quarterly observation date after one year
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| Initial level: | $71.01
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| Barrier level: | $49.71, 70% of initial level
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| Pricing date: | Jan. 28, 2022
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| Settlement date: | Feb. 2 2022
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| Agent: | CIBC World Markets Corp.
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| Fees: | 3.25%
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| Cusip: | 13607X5F0
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