By Taylor Fox
New York, Feb. 16 – Canadian Imperial Bank of Commerce priced $1.43 million of contingent coupon autocallable notes due July 31, 2023 linked to the worst performing of the common stocks of AbbVie Inc., Intel Corp. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 15% if each stock closes at or above its barrier level, 70% of its initial level, on a related observation date.
The notes will be called at par if each stock closes above its initial level on any quarterly autocall observation date.
The payout at maturity will be par plus any coupon due unless any stock finishes below its 60% principal barrier level, in which case investors will be fully exposed to any losses of the least-performing stock, payable either in shares or cash at the issuer’s option.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying stocks: | AbbVie Inc., Intel Corp. and Walmart Inc.
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| Amount: | $1,434,000
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| Maturity: | July 31, 2023
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| Coupon: | 15% per year, payable monthly if each index closes at or above its coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par plus any coupon unless any stock finishes below principal barrier level, in which case full exposure to any losses of least-performing stock, payable either in shares or cash at the issuer’s option
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| Call: | At par if each stock closes above initial level on any quarterly autocall observation date
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| Initial levels: | $110.86 for AbbVie, $56.66 for Intel and $146.33 for Walmart
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| Coupon barrier levels: | $77.60 for AbbVie, $39.66 for Intel and $102.43 for Walmart; 70% of initial levels
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| Principal barrier levels: | $66.52 for AbbVie, $34 for Intel and $87.80 for Walmart; 60% of initial levels
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| Pricing date: | Jan. 22
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| Settlement date: | Jan. 29
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0.9%
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| Cusip: | 136071CD7
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