New Issue: CIBC prices $52.18 million market-linked one look notes on iShares Silver Trust

By Marisa Wong

Los Angeles, June 29 – Canadian Imperial Bank of Commerce priced $52.18 million of 0% market-linked one look notes due July 8, 2022 linked to the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.

CIBC priced 5,224,326 units with a face amount of $10 each, or $52,243,260 principal amount total. The issuer sold 1.34 million units at $9.95 per unit and the remainder at par for an aggregate purchase price of $52,176,260.

If the ETF finishes flat or gains, the payout at maturity will be par plus 23.22%. Otherwise, investors will be fully exposed to any ETF decline.

BofA Securities, Inc. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Market-linked one look notes
Underlying ETF:	iShares Silver Trust
Principal amount:	$52,243,260
Proceeds:	$52,176,260
Units:	5,224,326 (including 1.34 million units sold to investor’s household)
Maturity:	July 8, 2022
Coupon:	0%
Price:	$9.95 per $10 note for 1.34 million units; par of $10 for remainder sold to public
Payout at maturity:	Par plus 23.22% unless ETF finishes below its initial price, in which case full exposure to losses
Initial price:	$24.04
Pricing date:	June 24
Settlement date:	July 1
Underwriter:	BofA Securities, Inc.
Fees:	1% for 1.34 million units; 1.5% for remainder sold to public
Cusip:	13607V697

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