By William Gullotti
Buffalo, N.Y., Dec. 29 – Canadian Imperial Bank of Commerce priced $3.31 million of autocallable market-linked step-up notes due Dec. 30, 2024 tied to the iShares Global Clean Energy ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 10% if the ETF closes at or above the initial level on any annual observation date.
If the notes are not called and the ETF finishes above the step-up value, 130% of the initial level, the payout at maturity will be par plus the ETF gain.
If the ETF finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 30%.
Investors will lose 1% for each 1% decline.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Autocallable market-linked step-up notes
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Underlying fund: | iShares Global Clean Energy ETF
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Amount: | $3,309,820
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Maturity: | Dec. 30, 2024
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If the ETF finishes above the step-up level, par plus the ETF gain; if the ETF gains up to the step-up level, par plus 30%; otherwise, 1% loss for each 1% decline
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Call: | At par plus 10% per year if the ETF closes at or above its initial level on any annual observation date
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Initial level: | $21.24
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Step-up value: | $27.61; 130% of initial level
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Pricing date: | Dec. 22
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Settlement date: | Jan. 3, 2022
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Agent: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 13607V424
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