By Wendy Van Sickle
Columbus, Ohio, Dec. 30 – Canadian Imperial Bank of Commerce priced $900,000 of contingent coupon autocallable notes due Dec. 24, 2024 linked to the lowest performing of the VanEck Vectors Gold Miners ETF 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 quarterly coupon at an annual rate of 10% if each ETF closes at or above its 58% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each ETF closes at or above its initial level on each coupon determination dates occurring in each June and December.
The payout at maturity will be par plus the coupon unless either underlying ETF finishes below its 58% principal barrier price, in which case investors will be fully exposed to the losses of the worst performing ETF.
Jefferies LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
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| Underlying ETFs: | VanEck Vectors Gold Miners ETF and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $900,000
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| Maturity: | Dec. 24, 2024
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| Coupon: | 10% annualized, payable quarterly if each index closes at or above 58% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus coupon unless either ETF finishes below barrier, in which full exposure to losses of worst performing ETF
|
| Call: | At par if each index closes at or above initial level on the coupon determination dates occurring in each June and December
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| Initial levels: | $27.48 for Gold Miners and $23.40 for oil and gas
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| Barrier levels: | $15.94 for Gold Miners and $13.57 for oil and gas, 58% of initial levels
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| Pricing date: | Dec. 19
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| Settlement date: | Dec. 24
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| Agents: | Jefferies LLC
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| Fees: | 4%
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| Cusip: | 13605WUB5
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