Chicago, March 28 – Canadian Imperial Bank of Commerce priced $4.36 million of 0% autocallable market-linked step-up notes due April 25, 2024 tied to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Euro Stoxx 50 index and the MSCI Emerging Markets index, equally weighted.
The notes will be called at par plus an 8.56% 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, 130% 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 30%.
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
|
| Issue: | Autocallable market-linked step-up notes
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| Underlying basket: | Euro Stoxx 50 (50% weight), MSCI Emerging Markets index (50% weight)
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| Amount: | $4,357,360
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| Maturity: | April 25, 2024
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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 30%; full exposure to any decline
|
| Call: | Automatically at par plus 8.56% 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: | 3,996.9 for Stoxx, 1,364.54 for MSCI EM
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| Step-up value: | 130% of initial value
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| Pricing date: | April 29, 2021
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| Settlement date: | May 7, 2021
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| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
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| Cusip: | 13607V812
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