By William Gullotti
Buffalo, N.Y., July 17 – Canadian Imperial Bank of Commerce priced $2.96 million of 0% market-linked step-up notes due June 27, 2025 tied to the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF finishes above the step-up value, 127% of the initial level, the payout at maturity will be par plus the ETF gain.
If the ETF finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up payment of 27%.
Investors will be fully exposed to any ETF decline.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Market-linked step-up notes
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| Underlying ETF: | SPDR S&P Regional Banking ETF
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| Amount: | $2.96 million
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| Maturity: | June 27, 2025
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If the ETF finishes above the step-up value, par plus the ETF gain; if the ETF finishes at or below the step-up level but at or above the initial level, par plus 27%; otherwise, lose 1% for every 1% decline of the ETF from its initial level
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| Initial ETF level: | $40.83
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| Step-up value: | $51.85; 127% of initial value
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| Pricing date: | June 30
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| Settlement date: | July 10
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| Agent: | BofA Securities, Inc.
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| Fees: | 2%
|
| Cusip: | 13607Y410
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