By Wendy Van Sickle
Columbus, Ohio, Feb. 5 – Canadian Imperial Bank of Commerce priced $980,000 of 17.52% fixed-interest autocallable notes due Jan. 26, 2022 linked to the common stock of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
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 starting after six months.
If the notes are not called and the stock finishes at or above 50% of its initial level, the payout at maturity will be par.
Otherwise, investors will receive a number of Tesla 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
|
| Issue: | Fixed-interest autocallable notes
|
| Underlying stock: | Tesla, Inc.
|
| Amount: | $980,000
|
| Maturity: | Jan. 26, 2022
|
| Coupon: | 17.52%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if stock finishes at or above trigger level; otherwise, a number of Tesla 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
|
| Initial level: | $844.55
|
| Trigger level: | $422.28 50% of initial level
|
| Pricing date: | Jan. 19
|
| Settlement date: | Jan. 26
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 1%
|
| Cusip: | 136071CB1
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
