By Susanna Moon
Chicago, March 2 – Canadian Imperial Bank of Commerce priced $4.5 million of contingent coupon autocallable notes due Feb. 19, 2020 linked to the common stocks of ConocoPhillips, Intel Corp. and Bristol-Myers Squibb Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.3% if each underlying stock closes at or above its 60% coupon barrier on the observation date for that period.
The notes will be called at par if each stock closes at or above its initial price on any valuation date other than the final date.
The payout at maturity will be par unless any underlying stock finishes below its 60% barrier level, in which case the payout will be par plus the return of the worst performing stock with full exposure to any losses.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying stocks: | ConocoPhillips (Symbol: COP), Intel Corp. (Symbol: INTC) and Bristol-Myers Squibb Co. (Symbol: BMY)
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| Amount: | $4.5 million
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| Maturity: | Feb. 19, 2020
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| Coupon: | 11.3% annualized, payable quarterly if each index closes at or above 60% coupon barrier observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below 60% barrier, in which par plus return of worst performing stock with 1% loss per 1% decline
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| Call: | At par if each index closes at or above its initial level on any valuation date other than the final date
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| Initial levels: | $53.41 for ConocoPhillips, $44.83 for Intel and $63.16 for Bristol-Myers
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| Barrier levels: | $32.05 for ConocoPhillips, $26.90 for Intel and $37.90 for Bristol-Myers; 60% of initial levels
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| Pricing date: | Feb. 12
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| Settlement date: | Feb. 16
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| Agents: | CIBC World Markets Corp.
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| Fees: | 2.7%
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| Cusip: | 13605WJS1
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