CIBC plans 8.05% autocallable equity-linked securities tied to Gilead

By Toni Weeks

San Luis Obispo, Calif., Nov. 20 – Canadian Imperial Bank of Commerce plans to price 8.05% autocallable equity-linked notes due November 2016 tied to the common stock of Gilead Sciences Inc., according to a 424B3 filing with the Securities and Exchange Commission.

Interest will be payable quarterly.

The notes will be automatically called at par plus interest if the price of Gilead Sciences stock is greater than or equal to the initial price on any quarterly valuation date.

If the notes are not called and the final share price is at least 70% of the initial price, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline in the stock price from the initial price. In either case, investors will receive at maturity the last quarterly interest payment.

The notes (Cusip: 375558103) are expected to price and settle in November.

Janney Montgomery Scott is the distributor.

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