CIBC plans contingent coupon autocallables on Russell, Euro Stoxx

By Marisa Wong

Morgantown, W.Va., July 24 – Canadian Imperial Bank of Commerce plans to price contingent coupon autocallable notes due July 31, 2020 linked to the worse performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B3 filing with the Securities and Exchange Commission.

The notes will pay a contingent semiannual coupon at an annual rate of 7.7% to 8.5% if each index closes at or above its 75% coupon barrier on the observation date for that period.

The notes will be called at par if each index closes at or above its initial level on any valuation date other than the final one.

The payout at maturity will be par plus the contingent coupon unless either index finishes below its 75% barrier level, in which case investors will be fully exposed to the decline of the worse performing index.

Janney Montgomery Scott is the underwriter.

The notes will price July 27.

The Cusip number is 13605WEH0.

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