CIBC to price market-linked autocallables due 2022 tied to oil ETF

By Sarah Lizee

Olympia, Wash., Aug. 16 – Canadian Imperial Bank of Commerce plans to price 0% market-linked securities – autocallable with fixed percentage buffered downside due Sept. 6, 2022 linked to 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 annual call premium of 10% to 11% 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 falls by more than 15%, in which case investors will be fully exposed to the decline of the ETF beyond 15%.

Wells Fargo Securities, LLC is the agent.

The notes will price on Aug. 30.

The Cusip number is 13605WRV5.

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