CIBC to price contingent coupon autocalls tied to SPDR S&P Oil & Gas

By Sarah Lizee

Olympia, Wash., June 10 – Canadian Imperial Bank of Commerce plans to price contingent coupon autocallable notes due June 17, 2025 linked to the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 12% if the ETF closes at or above its 60% coupon barrier on the related determination date.

The notes will be called at par plus the contingent coupon if the ETF closes at or above its initial level on any quarterly determination date beginning on Dec. 14.

The payout at maturity will be par plus the final coupon unless the ETF finishes below its 55% barrier, in which case investors will lose 1% for each 1% decline of the ETF.

CIBC World Markets Corp. is the agent.

The notes will price on June 12.

The Cusip number is 13605WYW5.

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