New Issue: CIBC sells $11.97 million capped leveraged notes linked to S&P 500

By Wendy Van Sickle

Columbus, Ohio, Feb. 5 – Canadian Imperial Bank of Commerce priced 11.97 million of 0% capped leveraged notes due Feb. 6, 2020 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus 3 times the index gain, subject to a maximum settlement amount of $1,207 per $1,000 principal amount.

Investors will be fully exposed to any index decline.

CIBC World Markets Corp. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Capped leveraged notes
Underlying index:	S&P 500
Amount:	$11,965,000
Maturity:	Feb. 6, 2020
Coupon:	0%
Price:	Par
Payout at maturity:	If the index return is positive, par plus 3 times the index gain, return capped at 20.7%; full exposure to losses
Initial index level:	2,821.98
Pricing date:	Feb. 1
Settlement date:	Feb. 8
Agent:	CIBC World Markets Corp.
Fees:	2%
Cusip:	13605WJJ1

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