Chicago, Nov. 1 – Canadian Imperial Bank of Commerce priced $20.95 million of autocallable market-linked step-up notes due Oct. 31, 2024 tied to the Euro Stoxx 50 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 10.8% if the index closes at or above the initial level on any of the two annual observation dates.
If the notes are not called and the index finishes above the step-up value, 121% 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 21%.
Investors will be exposed to any decline of the index.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | Euro Stoxx 50
|
| Amount: | $20,953,390
|
| Maturity: | Oct. 31, 2024
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| 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 21%; full exposure to any decline of the index
|
| Call: | At par plus 10.8% per year if the index closes at or above its initial level on any of two annual observation dates
|
| Initial level: | 4,233.87
|
| Step-up value: | 5,122.98, 121% of initial level
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 4
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 13607V473
|
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