New Issue: CIBC prices $6 million step-up callable notes with 3% initial rate

By Angela McDaniels

Tacoma, Wash., April 25 – Canadian Imperial Bank of Commerce priced $6 million of step-up callable notes due April 29, 2024, according to a 424B2 filing with the Securities and Exchange Commission.

The interest rate is 3% in years one through three, 3.25% in year four and 3.5% in year five. Interest is payable semiannually.

The payout at maturity will be par.

The notes are callable at par on April 29, 2020, April 29, 2021, April 29, 2022 and April 29, 2023.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Step-up callable notes
Amount:	$6 million
Maturity:	April 29, 2024
Coupon:	3% in years one through three, 3.25% in year four and 3.5% in year five; payable semiannually
Price:	Par
Call:	At par on April 29, 2020, April 29, 2021, April 29, 2022 and April 29, 2023
Payout at maturity:	Par
Pricing date:	April 24
Settlement date:	April 29
Agent:	CIBC World Markets Corp.
Fees:	0.65%
Cusip:	13605WQM6

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