By Wendy Van Sickle
Columbus, Ohio, Feb. 13 – Canadian Imperial Bank of Commerce priced $1.23 million of contingent coupon autocallable notes due Jan. 31, 2024 linked to the VanEck Vectors Gold Miners exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 10.5% if each ETF closes at or above its 60% coupon barrier on the related observation date.
The notes will be called at par plus the contingent coupon if each ETF closes at or above its initial level on any semiannual call observation date.
The payout at maturity will be par plus any coupon unless either underlying ETF finishes below its 60% barrier, in which case investors will lose 1% for each 1% decline of the least performing fund.
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 the SPDR S&P Oil & Gas Exploration & Production SPDR S&P Biotech ETF
|
| Amount: | $1,231,000
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| Maturity: | Jan. 31, 2024
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| Coupon: | 10.5% annualized, payable each month that each ETF closes at or above coupon barrier on observation date
|
| Price: | Par
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| Payout at maturity: | Par unless least performing ETF finishes below barrier price, in which case full exposure to least performing ETF decline
|
| Call: | At par if each ETF closes at or above its initial price on any semiannual call observation date
|
| Initial prices: | $21.45 for gold ETF, $30.00 for oil ETF
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| Coupon barrier/barriers: | $12.87 for gold ETF, $18.00 for oil ETF, 60% of initial prices
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| Pricing date: | Jan. 28
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| Settlement date: | Jan. 31
|
| Agents: | Jefferies LLC
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| Fees: | 4%
|
| Cusip: | 13605WPA3
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