By Kiku Steinfeld
Chicago, Feb. 8 – Canadian Imperial Bank of Commerce priced $750,000 of contingent coupon autocallable notes due Jan. 30, 2025 linked to the worst performing of the common stocks of Bank of America Corp., Microsoft Corp. and UnitedHealth Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 9.5% if each stock closes at or above its barrier level, 50% of its initial level, on a related observation date.
The notes will be called at par if each stock closes above its initial level on any quarterly autocall observation date after one year.
The payout at maturity will be par unless any stock finishes below its 50% principal barrier level, in which case investors will be fully exposed to any losses of the least-performing stock.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
|
Issue: | Contingent coupon autocallable notes
|
Underlying stocks: | Bank of America Corp., Microsoft Corp. and UnitedHealth Group Inc.
|
Amount: | $750,000
|
Maturity: | Jan. 30, 2025
|
Coupon: | 9.5% per year, payable quarterly if each index closes at or above its coupon barrier level on observation date
|
Price: | Par
|
Payout at maturity: | Par unless any stock finishes below principal barrier level, in which case full exposure to any losses of least-performing stock
|
Call: | At par if each stock closes above initial level on any quarterly autocall observation date after one year
|
Initial levels: | $30.94 for BofA, $232.33 for Microsoft and $343.11 for UnitedHealth
|
Coupon barrier levels: | $15.47 for BofA, $116.17 for Microsoft and $171.56 for UnitedHealth; 50% of initial levels
|
Principal barrier levels: | $15.47 for BofA, $116.17 for Microsoft and $171.56 for UnitedHealth; 50% of initial levels
|
Pricing date: | Jan. 26
|
Settlement date: | Jan. 29
|
Agent: | CIBC World Markets Corp.
|
Fees: | 0.5%
|
Cusip: | 13605WV40
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.