By William Gullotti
Buffalo, N.Y., Aug. 30 – Canadian Imperial Bank of Commerce priced $2.41 million of market-linked securities due Aug. 27, 2024 – autocallable with contingent downside linked to the performance of the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annualized 18.8% call premium if the fund closes at or above its initial level on any annual observation date.
The payout at maturity will be par unless the fund finishes below its 70% downside threshold, in which case the payout will be par plus the return of the fund with full exposure to any losses.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Market linked securities – autocallable with contingent downside
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| Underlying fund: | SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $2,409,000
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| Maturity: | Aug. 27, 2024
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| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par unless the fund falls by more than 30%, in which case 1% loss per 1% decline of the fund from its initial level
|
| Call: | At par plus an annualized 18.8% call premium if the fund closes at or above initial level on any annual observation date
|
| Initial level: | $79.17
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| Downside threshold: | $55.419; 70% of initial levels
|
| Pricing date: | Aug. 24
|
| Settlement date: | Aug. 27
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 2.425%
|
| Cusip: | 13605W5Z0
|
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