By Wendy Van Sickle
Columbus, Ohio, March 1 – Canadian Imperial Bank of Commerce priced $3.3 million of contingent coupon autocallable notes due Feb. 28, 2023 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 semiannual coupon at an annual rate of 10% if each underlying fund closes at or above its 65% coupon barrier on the applicable semiannual observation date.
After one year, the notes will be called at par if each fund closes at or above its initial price on any of the five trading days leading up to a semiannual payment date other than the final date.
The payout at maturity will be par unless either fund finishes below its 65% barrier, 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 agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
|
| Underlying ETFs: | VanEck Vectors Gold Miners ETF and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $3,303,000
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| Maturity: | Feb. 28, 2023
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| Coupon: | 10% annualized, payable semiannually if each fund closes at or above coupon barrier on related semiannual observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund falls by more than 35%, in which investors will receive par plus return of worse performing fund with 1% loss per 1% decline
|
| Call: | After one year at par if each fund closes at or above its initial level on any of five trading days leading up to a semiannual payment date
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| Initial prices: | $21.97 for gold ETF and $34.64 for oil ETF
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| Coupon barriers: | $14.281 for gold ETF, $22.516 for oil ETF; 65% of initial prices
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| Pricing date: | Feb. 23
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| Settlement date: | Feb. 28
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| Agent: | Jefferies LLC
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| Fees: | 4.5%
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| Cusip: | 13605WJM4
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