By William Gullotti
Buffalo, N.Y., Aug. 16 – Canadian Imperial Bank of Commerce priced $4.86 million of 0% notes with absolute return buffer due Oct. 24, 2023 linked to the WTI Crude Oil Futures Contract, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 114.5% of any commodity gain.
If the commodity finishes flat or falls by up to 15%, investors will receive par plus the absolute value of the commodity return.
Otherwise, investors will lose 1% for every 1% decline beyond 15%.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Notes with absolute return buffer
|
| Underlying commodity: | WTI Crude Oil Futures Contract
|
| Amount: | $4,859,560
|
| Maturity: | Oct. 24, 2023
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus 114.5% of any commodity gain; if commodity falls by up to 15%, par plus absolute value of commodity return; otherwise, lose 1% for every 1% decline beyond 15%
|
| Initial value: | $94.34
|
| Threshold value: | $80.19; 85% of initial value
|
| Pricing date: | Aug. 11
|
| Settlement date: | Aug. 18
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 1.75%
|
| Cusip: | 13607W422
|
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