By Marisa Wong
Madison, Wis., Nov. 21 – Canadian Imperial Bank of Commerce priced $2.7 million of 8.05% autocallable equity-linked notes due Nov. 25 2016 tied to the common stock of Gilead Sciences Inc., according to a 424B2 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.
Janney Montgomery Scott is the distributor.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Autocallable equity-linked notes
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| Underlying stock: | Gilead Sciences Inc. (Symbol: GILD)
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| Amount: | $2.7 million
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| Maturity: | Nov. 25 2016
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| Coupon: | 8.05%, payable quarterly
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| Price: | Par
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| Payout at maturity: | If final share price is at least barrier price, par; otherwise, investors will be fully exposed to decline from initial price; in either case, investors will receive last quarterly interest payment
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| Call: | At par plus interest if stock price is greater than or equal to initial price on any quarterly valuation date
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| Initial price: | $100.59
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| Barrier price: | $70.41, 70% of initial price
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| Pricing date: | Nov. 20
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| Settlement date: | Nov. 25
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| Distributor: | Janney Montgomery Scott
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| Fees: | 2.25%
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| Cusip: | 375558103
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