By William Gullotti
Buffalo, N.Y., Nov. 9 – Canadian Imperial Bank of Commerce priced $2 million of autocallable contingent coupon (with memory) barrier notes due Nov. 12, 2024 linked to the stock performance of Starbucks Corp., Tesla, Inc. and Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annual rate of 21.6001% if each stock closes at or above its barrier level, 60% of its initial level, on the corresponding observation date, plus any previously unpaid coupon.
The notes will be called at par plus the coupon if each stock closes at or above its initial level on any monthly observation date after three months.
If the notes are not called and the final stock level of the worst performer is greater than or equal to the barrier level, the payout will be par plus the final coupon.
Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
BofA Securities is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Autocallable contingent coupon (with memory) barrier notes
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| Underlying stocks: | Starbucks Corp., Tesla, Inc., Alphabet Inc.
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| Amount: | $2 million
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| Maturity: | Nov. 12, 2024
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| Coupon: | 21.6001% annual rate, payable monthly if each stock closes at or above barrier level on the corresponding observation date, plus any previously unpaid coupon
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| Price: | Par of $10
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| Payout at maturity: | If final stock level of worst performer is greater than or equal to barrier level, par plus final coupon; otherwise, 1% loss for every 1% decline of worst performer from initial level
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| Call: | At par plus coupon if each stock closes at or above initial level on any monthly observation date from after three months
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| Initial levels: | $102.65 for Starbucks, $219.96 for Tesla, $129.10 for Alphabet
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| Barrier levels: | $61.59 for Starbucks, $131.98 for Tesla, $77.46 for Alphabet; 60% of initial levels
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| Pricing date: | Nov. 3
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| Settlement date: | Nov. 10
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| Underwriter: | BofA Securities
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| Fees: | 0.75%
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| Cusip: | 13608P186
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