By Wendy Van Sickle
Columbus, Ohio, May 26 – Canadian Imperial Bank of Commerce priced $2.42 million of 0% market-linked autocallable securities with fixed percentage buffered downside due May 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 10% per year if the ETF closes at or above the initial ETF level on any of four annual call observation dates.
If the notes are not called, meaning the ETF has closed below its initial level, the payout at maturity will be par unless the ETF 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 ETF: | SPDR S&P Biotech
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Amount: | $2,415,000
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Maturity: | May 7, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If not called, par unless ETF falls by more than 10% in which case exposure to losses beyond 10% buffer
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Call: | Automatically at par plus 10% per year fixed call premium if the ETF closes at or above the initial ETF level on any annual call observation date
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Initial level: | $136.62
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Threshold level: | $122.958, 90% of initial level
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Pricing date: | April 30
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Settlement date: | May 5
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Underwriter: | Wells Fargo Securities, LLC
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Fees: | 2.825%
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Cusip: | 13605W2U4
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