CIBC plans contingent coupon autocallable notes tied to three stocks

By Sarah Lizee

Olympia, Wash., Nov. 4 – Canadian Imperial Bank of Commerce plans to price contingent coupon autocallable notes due Nov. 15, 2021 linked to the lower performing of the common stocks of American Airlines Group Inc., Kellogg Co. and Exxon Mobil Corp., according to a 424B3 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 14% if each stock closes at or above its coupon barrier level, 60% of the initial level, on the observation date for that quarter.

The notes will be automatically called at par plus the contingent coupon if on any quarterly valuation date the closing levels of all the stocks are greater than their initial levels.

The payout at maturity will be par plus any coupon unless any of the stocks finishes below its 60% principal barrier level, in which case investors will lose 1% for each 1% decline of the worst performing stock from its initial level.

CIBC World Markets is the agent.

The notes are expected to price on Nov. 7.

The Cusip number is 136071BG1.

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