Chicago, Jan. 4 – Canadian Imperial Bank of Commerce priced $2.2 million of 0% enhanced return notes due June 15, 2020 linked to the lowest performing of the SPDR S&P Metals & Mining ETF and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filed with the Securities and Exchange Commission.
If each ETF gains or finishes flat, the payout at maturity will be par plus 1.55 times the return of the lowest performing fund.
If the lowest performing ETF declines but finishes at or above 70% of its initial price, the payout will be par.
Otherwise the payout will reflect the decline in the lowest performing ETF from its initial price.
Canadian Imperial Bank of Commerce is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Enhanced return notes
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| Underlying ETFs: | SPDR S&P Metals and Mining ETF and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $2.2 million
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| Maturity: | June 15, 2020
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Based on return of lowest performing ETF, 1.55 times any gain, par for decline of up to 30%, full exposure to loss if decline is more than 30%
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| Initial price: | $28.06 for metals ETF, $31.54 for oil ETF
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| Principal barrier price: | $19.64 for metals ETF, 22.08 for oil ETF; 70% of initial levels
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| Pricing date: | Dec. 11
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| Settlement date: | Dec. 14
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| Agent: | Canadian Imperial Bank of Commerce
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| Fees: | 2.5%
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| Cusip: | 13605WNS6
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