By Wendy Van Sickle
Columbus, Ohio, Dec. 5 – Canadian Imperial Bank of Commerce priced $3.71 million of contingent coupon autocallable notes due Nov. 29, 2022 linked to the common shares of Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.1% if the stock closes at or above its 70% coupon barrier on the related determination date.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any semiannual determination date beginning on May 21, 2020.
The payout at maturity will be par plus the final coupon unless the stock finishes below its 70% barrier, in which case investors will lose 1% for each 1% decline of the stock.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
|
| Underlying stock: | Wells Fargo & Co.
|
| Amount: | $3,705,000
|
| Maturity: | Nov. 29, 2022
|
| Coupon: | 8.1% annualized, payable quarterly if each stock closes at or above coupon barrier on related determination date
|
| Price: | Par
|
| Call: | At par plus contingent coupon if stock closes at or above its initial level on any semiannual determination date beginning on May 21, 2020
|
| Payout at maturity: | Par plus final coupon unless stock finishes below barrier level, in which case full exposure to stock decline
|
| Initial level: | $54.21
|
| Coupon barrier: | $37.95, 70% of initial level
|
| Barrier level: | $37.95, 70% of initial level
|
| Pricing date: | Nov. 25
|
| Settlement date: | Nov. 29
|
| Agents: | CIBC World Markets Corp.
|
| Fees: | 2%
|
| Cusip: | 13605WUA7
|
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