By Wendy Van Sickle
Columbus, Ohio, Aug. 19 – Canadian Imperial Bank of Commerce priced $4.69 million of 0% market-linked autocallable securities with fixed percentage buffered downside due Aug. 21, 2023 linked to the iShares Silver trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a fixed call premium of 14.2% per year if the fund closes at or above the initial fund level on any of three annual call observation dates.
The payout at maturity will be par unless the fund falls by more than 15% in which case investors will be exposed to losses beyond the 15% buffer.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Market-linked autocallable securities with fixed-percentage buffered downside
|
| Underlying fund: | iShares Silver trust
|
| Amount: | $4,689,000
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| Maturity: | Aug. 21, 2023
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par unless fund falls by more than 15% in which case exposure to losses beyond 15%
|
| Call: | Automatically at par plus 14.2% per year fixed call premium if the fund closes at or above the initial fund level on any of three annual call observation dates
|
| Initial level: | $24.58
|
| Threshold level: | $20.893, 85% of initial level
|
| Pricing date: | Aug. 14
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| Settlement date: | Aug. 19
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| Underwriter: | Wells Fargo Securities, LLC
|
| Fees: | 2.825%
|
| Cusip: | 13605WB91
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