By William Gullotti
Buffalo, N.Y., Nov. 3 – Canadian Imperial Bank of Commerce priced $1.04 million of 0% market-linked autocallable securities with fixed percentage buffered downside due Nov. 3, 2025 linked to the Energy Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a fixed call premium of 13.4% per year if the ETF closes at or above the threshold level, 90% of initial level, on any semiannual call observation date after one year.
If the notes are not called, meaning the ETF has finished below threshold level, investors will lose 1% for every 1% decline beyond 10%.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Market-linked autocallable securities with fixed-percentage buffered downside
|
| Underlying ETF: | Energy Select Sector SPDR Fund
|
| Amount: | $1,042,000
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| Maturity: | Nov. 3, 2025
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | If not called, lose 1% for every 1% decline beyond 10%
|
| Call: | Automatically at par plus 13.4% per year fixed call premium if the ETF closes at or above threshold level on any semiannual call observation date after one year
|
| Initial level: | $90.00
|
| Threshold level: | $81.00; 90% of initial level
|
| Pricing date: | Oct. 31
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| Settlement date: | Nov. 3
|
| Underwriter: | Wells Fargo Securities, LLC
|
| Fees: | 2.825%
|
| Cusip: | 13607XCG0
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