Kiku Steinfeld
Chicago, March 29 – Canadian Imperial Bank of Commerce priced $3.11 of contingent coupon autocallable notes due Sept. 15, 2023 linked to the common stock of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 18.5% if the stock closes at or above its 50% coupon barrier on the related determination date.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any quarterly call determination date.
The payout at maturity will be par plus the final coupon unless the stock finishes below its 50% barrier, in which case investors will lose 1% for each 1% decline of the stock.
CIBC World Markets Corp. is the agent with Jefferies LLC as a dealer.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying stock: | Tesla, Inc.
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| Amount: | $3,114,000
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| Maturity: | Sept. 15, 2023
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| Coupon: | 18.5% annualized, payable quarterly if stock closes at or above coupon barrier on related determination date
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| Price: | Par
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| Call: | At par plus contingent coupon if stock closes at or above its initial level on any quarterly call determination date
|
| Payout at maturity: | Par plus final coupon unless stock finishes below barrier level, in which case full exposure to stock decline
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| Initial level: | $693.73
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| Coupon barrier: | $346.87, 50% of initial level
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| Barrier level: | $346.87, 50% of initial level
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| Pricing date: | March 12
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| Settlement date: | March 17
|
| Agent: | CIBC World Markets Corp. with Jefferies LLC as dealer
|
| Fees: | 4.625%
|
| Cusip: | 13605W2B6
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