By Susanna Moon
Chicago, Dec. 29 – Canadian Imperial Bank of Commerce priced $2.18 million of contingent coupon autocallable notes due Dec. 28, 2020 linked to the lesser performing of the VanEck Vectors Gold Miners exchange-traded fund and 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 11% if each underlying fund closes at or above its 70% coupon threshold on the observation date for that quarter.
The notes will be called at par if each fund closes at or above its initial level on any valuation date other than the final date.
The payout at maturity will be par unless either fund finishes below its 70% downside threshold, in which case the payout will be par plus the return of the worse performing fund with full exposure to any losses.
Jefferies LLC is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying assets: | VanEck Vectors Gold Miners ETF and the SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $2.18 million
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| Maturity: | Dec. 28, 2020
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| Coupon: | 11% annualized, payable quarterly if each fund closes at or above 70% coupon threshold on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either fund falls by more than 30%, in which investors will receive par plus return of worse performing fund with 1% loss per 1% decline
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| Call: | At par if each fund closes at or above its initial level on any valuation date other than the final date
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| Initial levels: | $22.63 for gold fund and $36.66 for oil fund
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| Barrier levels: | $15.841 for gold fund and $25.662 for oil fund; 70% of initial levels
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| Pricing date: | Dec. 21
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| Settlement date: | Dec. 27
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| Agents: | Jefferies LLC
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| Fees: | 4%
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| Cusip: | 13605WHH7
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