By Susanna Moon
Chicago, May 2 – Canadian Imperial Bank of Commerce priced $170,000 of contingent coupon autocallable notes due April 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 quarterly coupon at an annual rate of 10% if each underlying fund closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes will be called at par if each fund closes at or above its initial price on any semiannual call date after one year.
The payout at maturity will be par unless either fund finishes below its 55% trigger level, 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
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| Issue: | Contingent coupon autocallable notes
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| Underlying funds: | VanEck Vectors Gold Miners ETF and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $170,000
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| Maturity: | April 28, 2023
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| Coupon: | 10% annualized, payable quarterly if each fund closes at or above coupon barrier for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either fund falls by more than 45%, in which 1% loss per 1% decline of worse performing fund
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| Call: | At par if each fund closes at or above its initial level on any semiannual review date beginning April 23, 2019
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| Initial prices: | $22.50 for gold fund and $39.12 for oil fund
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| Coupon barriers: | $14.63 for gold fund and $25.43 for oil fund, 65% of initial levels
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| Trigger levels: | $12.38 for gold fund and $21.52 for oil fund, 55% of initial levels
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| Pricing date: | April 25
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| Settlement date: | April 30
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| Agent: | Jefferies LLC
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| Fees: | 3.5%
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| Cusip: | 13605WKP5
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