By William Gullotti
Buffalo, N.Y., May 3 – Canadian Imperial Bank of Commerce priced $10.98 million of 0% autocallable market-linked step-up notes due April 25, 2025 tied to a basket of financial stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the stocks of Goldman Sachs Group, Inc. with a 33.34% weight, JPMorgan Chase & Co. with a 33.33% weight and Morgan Stanley with a 33.33% weight.
The notes will be called at par plus an 8.73% annualized call premium if the basket closes at or above its initial level on any annual observation date.
If the basket finishes above the step-up value, 140% of the initial value, the payout at maturity will be par plus the basket return.
If the basket finishes flat or increases up to the step-up value, the payout will be par plus the step-up payment of 40%.
Investors will be exposed to any decline of the basket from its initial level.
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 stocks: | Goldman Sachs Group, Inc. (33.34% weight), JPMorgan Chase & Co. (33.33% weight) and Morgan Stanley (33.33% weight)
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| Amount: | $10,980,830
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| Maturity: | April 25, 2025
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If basket finishes above step-up value, par plus basket return; if basket finishes flat or increases up to step-up value, par plus 40%; full exposure to any decline
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| Call: | Automatically at par plus 8.73% call premium per year if the basket closes at or above its initial level on any annual observation date
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| Initial levels: | $318.41 for Goldman Sachs, $123.34 for JPMorgan, $83.40 for Morgan Stanley
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| Step-up value: | 140% of initial value
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| Pricing date: | April 28
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| Settlement date: | May 5
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| Agent: | BofA Securities, Inc.
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| Fees: | 2%
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| Cusip: | 13607W828
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