By Wendy Van Sickle
Columbus, Ohio, Oct. 2 – Canadian Imperial Bank of Commerce priced $2.38 million of contingent coupon autocallable notes due Sept. 30, 2024 linked to the lesser performing of the VanEck Vectors Gold Miners exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 10.5% per year if the lesser-performing ETF closes at or above its barrier price, 60% of its initial share price, on the determination date for that quarter.
The notes will be automatically called at par if the lesser-performing ETF closes at or above its initial share price on any semiannual call observation date.
If the notes have not been called, the payout at maturity will be par unless the lesser-performing ETF finishes below its barrier price, in which case investors will lose 1% for every 1% that the lesser-performing ETF declines from its initial share price.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
|
| Underlying ETFs: | VanEck Vectors Gold Miners ETF and SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $2,375,000
|
| Maturity: | Sept. 30, 2024
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| Coupon: | 10.5% per year, payable quarterly if lesser-performing ETF closes at or above barrier price on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par if lesser-performing ETF finishes at or above barrier price; otherwise, 1% loss for every 1% that lesser-performing ETF declines from initial share price
|
| Call: | Automatically at par if lesser-performing ETF closes at or above initial share price on any semiannual call observation date
|
| Initial levels: | $28.43 for gold ETF and $23.08 for oil & gas ETF
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| Barrier prices: | $14.22 for gold ETF and $11.54 for oil & gas ETF, or 50% of initial share prices
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 30
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 4%
|
| Cusip: | 13605WSE2
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