By Wendy Van Sickle
Columbus, Ohio, Oct. 5 – Canadian Imperial Bank of Commerce priced $37.5 million of 0% capped buffer in-gears due April 21, 2027 linked to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes at or above 145% of the initial level, the payout at maturity will be par plus 76.8%.
If the index finishes at or above 130% of the initial level but below 145% of the initial level, the payout will be par plus 48%, plus 1.92 times the difference between the underlying performance – the final level divided by the initial level – and 130%.
If the index finishes at or above 90% but below 130% of the initial level, the payout will be par plus 1.2 times the underlying return plus 10%.
If the index finishes below 90% of the initial level, investors will lose 1% for every 1% decline below the 90% buffer level.
BNP Paribas Securities Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Capped buffer in-gears
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| Underlying index: | Dow Jones industrial average
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| Amount: | $37.5 million
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| Maturity: | April 21, 2027
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If index gains by 45% or more, par plus 76.8%; if index gains by at least 30% but less than 45%, par plus 48% plus 1.92 times difference of index return and 30%; if index gains by up to 30%, finishes flat or falls by up to 30%, par plus 1.2 times underlying return plus 10%; otherwise, 1% loss for every 1% decline beyond 30% buffer
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| Initial level: | Average of index closing levels on trading days from and including Sept. 26 to and including Nov. 1
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| Final level: | Average of index closing levels on trading days from and including Jan. 15, 2027 to and including April 16, 2027
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| Pricing date: | Sept. 28
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| Settlement date: | Oct. 3
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| Agent: | BNP Paribas Securities Corp.
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| Fees: | 0.25%
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| Cusip: | 13608K781
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