CIBC to price contingent coupon autocallables on oil & gas, gold ETFs

By Marisa Wong

Morgantown, W.Va., Nov. 13 – Canadian Imperial Bank of Commerce plans to price contingent coupon autocallable notes due Nov. 22, 2022 linked to the VanEck Vectors Gold Miners exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B3 filing with the Securities and Exchange Commission.

The notes will pay a contingent monthly coupon at an annual rate of 10.0008% if each fund closes at or above its 60% coupon barrier on the observation date for that month.

The notes will be called at par if either fund closes at or above its initial price on any semiannual call valuation date beginning in May 2018.

The payout at maturity will be par plus the contingent coupon unless either fund finishes below its 60% barrier, in which case investors will be fully exposed to any losses of the lesser-performing fund.

Jefferies LLC is the underwriter.

The notes will price on Nov. 20.

The Cusip number is 13605WGS4.

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