By Kiku Steinfeld
Chicago, Sept. 25 – Canadian Imperial Bank of Commerce priced $1.5 million of 22% fixed-interest autocallable notes due Dec. 28, 2021 linked to the common stock of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be automatically called at par plus the most recent coupon if the stock closes at or above its initial level on any quarterly call determination date after six months.
If the notes are not called and the stock finishes at or above its initial level or has not closed below its trigger level, 50% of its initial share price, during the life of the notes, the payout at maturity will be par.
Otherwise, investors will receive a number of Boeing shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Fixed-interest autocallable notes
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| Underlying stock: | Tesla, Inc.
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| Amount: | $1,500,000
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| Maturity: | Dec. 28, 2021
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| Coupon: | 22%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par if stock finishes at or above initial level or never closes below trigger level during life of notes; otherwise, a number of Boeing shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares
|
| Call: | Automatically at par plus coupon if stock closes at or above its initial level on any quarterly call determination date after six months
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| Initial level: | $423.43
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| Trigger level: | $211.72; 50% of initial level
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| Pricing date: | Sept. 18
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| Settlement date: | Sept. 25
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| Agent: | CIBC World Markets Corp.
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| Fees: | 3.25%
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| Cusip: | 136071BU0
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