By Sarah Lizee
Olympia, Wash., June 25 – Canadian Imperial Bank of Commerce priced $500,000 contingent coupon autocallable notes due June 23, 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 50% 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. 18.
The payout at maturity will be par plus the final coupon unless the ETF finishes below its 50% barrier, in which case investors will lose 1% for each 1% decline of the ETF.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
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| Underlying ETF: | SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $500,000
|
| Maturity: | June 23, 2025
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| Coupon: | 12% annualized, payable quarterly if ETF closes at or above coupon barrier on related determination date
|
| Price: | Par
|
| Call: | At par plus contingent coupon if ETF closes at or above its initial level on any quarterly determination date starting Dec. 18
|
| Payout at maturity: | Par plus final coupon unless ETF finishes below barrier level, in which case full exposure to ETF decline
|
| Initial level: | $57.37
|
| Coupon barrier: | $28.69, 50% of initial level
|
| Barrier level: | $28.69, 50% of initial level
|
| Pricing date: | June 18
|
| Settlement date: | June 23
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 4.5%
|
| Cusip: | 13605WZJ3
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