By William Gullotti
Buffalo, N.Y., Feb. 11 – Canadian Imperial Bank of Commerce priced $1.19 million of trigger autocallable contingent yield notes due Feb. 13, 2025 linked to an equally weighted basket consisting of the iShares Russell 2000 ETF, the SPDR S&P MidCap 400 ETF Trust and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at the rate of 8.84% per year if the basket closes at or above its coupon barrier, 75% of its initial level, on the related observation date.
The notes will be automatically called at par plus coupon if the basket 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 the basket is greater than or equal to the downside threshold level, 75% 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 basket 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 funds: | iShares Russell 2000 ETF, SPDR S&P MidCap 400 ETF Trust, SPDR S&P 500 ETF Trust; equal weights
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| Amount: | $1,186,800
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| Maturity: | Feb. 13, 2025
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| Coupon: | 8.84% per year, paid quarterly, if the basket 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 index finishes below downside threshold level, in which case 1% loss for each 1% decline of laggard index from initial level
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| Call: | Automatically at par plus coupon if the basket closes at or above initial level on any quarterly call observation date after six months
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| Initial levels: | $206.61 for Russell ETF, $495.83 for MidCap ETF, $457.54 for S&P ETF
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| Coupon barrier level: | 75% of initial level
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| Downside threshold: | 75% of initial level
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| Pricing date: | Feb. 9
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| Settlement date: | Feb. 14
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| Agents: | UBS Financial Services Inc. and CIBC Capital Markets
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| Fees: | None
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| Cusip: | 136071DX2
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