By Wendy Van Sickle
Columbus, Ohio, July 29 – Canadian Imperial Bank of Commerce priced $10 million of 10.26% autocallable fixed interest barrier notes due Feb. 1, 2022 linked to common stocks of Microsoft Corp. and Exxon Mobil Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each stock closes at or above its initial level on any monthly call observation date starting after six months.
The payout at maturity will be par plus any coupon unless any underlying stock finishes below its 65% trigger level, in which case investors will be fully exposed to the loss of the least performing stock.
CIBC World Markets is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Autocallable fixed interest barrier notes
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| Underlying stocks: | Microsoft Corp. and Exxon Mobil Corp.
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| Amount: | $10 million
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| Maturity: | Feb. 1, 2022
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| Coupon: | 10.26%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below barrier, in which full exposure to loss of least performing stock
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| Call: | Automatically at par if each stock closes at or above its initial level on any monthly call observation date starting after six months
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| Initial levels: | $43.43 for Exxon Mobil, $201.30 for Microsoft
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| Barrier levels: | $28.23 for Exxon Mobil, $130.85 for Microsoft, 65% of initial levels
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| Pricing date: | July 27
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| Settlement date: | July 30
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| Agent: | CIBC World Markets
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| Fees: | 0.24%
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| Cusip: | 13605WA92
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