Chicago, April 27 – Canadian Imperial Bank of Commerce priced $500,000 of contingent coupon autocallable barrier notes due Aug. 31, 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 quarterly coupon at an annualized rate of 25.68% if the stock closes at or above its barrier level, 50% of its initial level, on a related observation date. Previously unpaid coupons will also be paid.
The notes will be called at par plus the coupon if the stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par plus any final coupon unless the stock finishes below its 50% principal barrier level, in which case investors will be fully exposed to the decline.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable barrier notes
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| Underlying stock: | Tesla, Inc.
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| Amount: | $500,000
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| Maturity: | Aug. 31, 2023
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| Coupon: | 25.68% per year, payable quarterly if stock closes at or above its coupon barrier level on observation date; previously unpaid coupons will also be paid
|
| Price: | Par
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| Payout at maturity: | Par plus any final coupon unless stock finishes below principal barrier level, in which case full exposure to any losses of stock
|
| Call: | At par plus any coupon if stock closes at or above initial level on any quarterly observation date
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| Initial level: | $707.73
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| Coupon barrier level: | $353.87; 50% of initial level
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| Principal barrier level: | $353.87; 50% of initial level
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| Strike date: | May 26, 2022
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| Pricing date: | May 27, 2022
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| Settlement date: | June 1, 2022
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0%
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| Cusip: | 13607X7M3
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