By Wendy Van Sickle
Columbus, Ohio, Dec. 30 – Canadian Imperial Bank of Commerce priced $3.38 million of trigger autocallable contingent yield notes due Dec. 20, 2024 linked to the performance of the SPDR S&P 500 ETF trust and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at the rate of 9.44% per year if each asset closes at or above its coupon barrier, 70% of its initial level, on the related observation date.
The notes will be automatically called at par plus coupon if each asset closes at or above its initial level on any quarterly call observation date after six months.
If the notes are not called and the final level of each asset is greater than or equal to the downside threshold level, 70% of the initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% that the worst performer declines from its initial level.
UBS Financial Services Inc. and CIBC Capital Markets are the agents.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying assets: | SPDR S&P 500 ETF trust, Technology Select Sector SPDR fund
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| Amount: | $3,375,000
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| Maturity: | Dec. 20, 2024
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| Coupon: | 9.44% per year, paid quarterly, if each asset closes at or above its coupon barrier on any related observation date
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| Price: | Par of $10
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| Payout at maturity: | Par plus final coupon unless any asset finishes below downside threshold level, in which case 1% loss for each 1% decline of laggard asset from initial level
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| Call: | Automatically at par plus coupon if each asset closes at or above initial level on any quarterly call observation date afters six months
|
| Initial levels: | $459.87 for S&P, $167.88 for Technology Select
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| Coupon barrier levels: | $321.91 for S&P, $117.52 for Technology Select; 70% of initial levels
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| Downside thresholds: | $321.91 for S&P, $117.52 for Technology Select; 70% of initial levels
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| Pricing date: | Dec. 17
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| Settlement date: | Dec. 22
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| Agents: | UBS Financial Services Inc. and CIBC Capital Markets
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| Fees: | 0%
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| Cusip: | 136071DD6
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