By Wendy Van Sickle
Columbus, Ohio, April 15 – Canadian Imperial Bank of Commerce priced $2.33 million of 0% market-linked autocallable securities with fixed percentage buffered downside due April 7, 2025 linked to the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a fixed call premium of 11% per year if the fund closes at or above the initial fund level on any annual call observation date.
If the notes are not called, meaning the ETF has finished below its initial level, the payout at maturity will be par unless the fund falls by more than 10% in which case investors will be exposed to losses beyond the 10% buffer.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Market-linked autocallable securities with fixed-percentage buffered downside
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| Underlying fund: | SPDR S&P Biotech ETF
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| Amount: | $2.33 million
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| Maturity: | April 7, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Call premium related to final maturity date if ETF finishes above initial level; otherwise, par unless fund falls by more than 10% in which case exposure to losses beyond 10% buffer
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| Call: | Automatically at par plus 11% per year fixed call premium if the fund closes at or above the initial fund level on any annual call observation date
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| Initial level: | $135.65
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| Threshold level: | $122.085, 90% of initial level
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| Pricing date: | March 31
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| Settlement date: | April 6
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 2.825%
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| Cusip: | 13605WY54
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