By William Gullotti
Buffalo, N.Y., Nov. 21 – Canadian Imperial Bank of Commerce priced $18.03 million of 0% market-linked one look notes with enhanced buffer due Dec. 23, 2024 linked to the WTI Crude Oil Futures Contract, according to a 424B2 filing with the Securities and Exchange Commission.
CIBC sold 1,803,000 units with a face amount of $10 each, for a total principal amount of $18.03 million. The issuer sold 800,000 units to an individual investor at $9.95 per unit and the remainder to the public at par of $10, for total proceeds of $17.99 million.
If the commodity finishes at or above its threshold level, 86% of initial price, the payout at maturity will be par plus 16%.
Otherwise, investors will lose 1% for every 1% decline beyond 14%.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Market-linked one look notes with enhanced buffer
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| Underlying commodity: | WTI Crude Oil Futures Contract
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| Principal amount: | $18.03 million
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| Proceeds: | $17.99 million
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| Maturity: | Dec. 23, 2024
|
| Coupon: | 0%
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| Price: | $9.95 per unit for 800,000 units; par of $10 for remainder
|
| Payout at maturity: | Par plus 16% unless commodity finishes below its threshold level, in which case 1% loss for each 1% decline beyond 14%
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| Initial price: | $71.00
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| Threshold level: | $61.06; 86% of initial price
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| Pricing date: | Nov. 16
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| Settlement date: | Nov. 22
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| Underwriter: | BofA Securities, Inc.
|
| Fees: | 1% for 800,000 units; 1.5% for remainder
|
| Cusip: | 13607Y113
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