By Susanna Moon
Chicago, Feb. 3 – Canadian Imperial Bank of Commerce priced $18.51 million of 0% market-linked step-up notes due Jan. 26, 2018 linked to the Energy Select Sector index, according to a 424B2 filing with the Securities and Exchange Commission.
If the notes are not called and the index finishes above the step-up value – 123.51% of the initial level – the payout at maturity will be par of $10.00 plus the index gain.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 23.51%.
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: | Energy Select Sector
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Amount: | $18,509,990
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Maturity: | Jan. 26, 2018
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Coupon: | 0%
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Price: | Par of $10.00
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Payout at maturity: | If index finishes above step-up value, par plus index gain; if index gains by up to step-up level, par plus 23.51%; exposure to any losses
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Initial level: | 568.33
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Step-up value: | 701.94, 123.51% of initial level
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Pricing date: | Jan. 28
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Settlement date: | Feb. 4
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Underwriter: | BofA Merrill Lynch
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Fees: | 2%
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Cusip: | 136069259
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