By Sarah Lizee
Olympia, Wash., Jan. 28 – Canadian Imperial Bank of Commerce priced $6.64 million of autocallable market-linked step-up notes due Jan. 28, 2022 linked to the Russell 2000 index, 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 10.5% if the index closes at or above the initial level on any annual observation date.
If the notes are not called and the index finishes above the step-up value, 130% of the initial level, the payout at maturity will be par plus the index gain.
If the index 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 be exposed to any losses.
BofA Merrill Lynch 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 index: | Russell 2000 index
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Amount: | $6,641,260
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Maturity: | Jan. 28, 2022
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If the index finishes above the step-up level, par plus the index gain; if the index gains up to the step-up level, par plus 30%; 1% loss for each 1% decline
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Call: | At par plus 10.5% per year if the index closes at or above its initial level on any annual observation date
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Initial level: | 1,464.406
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Step-up value: | 1,903.728, 130% of initial level
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Pricing date: | Jan. 24
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Settlement date: | Jan. 31
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Underwriter: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 13606M235
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