By Wendy Van Sickle
Columbus, Ohio, Dec. 3 – Canadian Imperial Bank of Commerce priced $500,000 of contingent coupon autocallable notes due Dec. 3, 2021 linked to the common shares of Boeing Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 12.72% if the stock closes at or above its 60% 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 after six months.
The payout at maturity will be par plus the final coupon unless the stock finishes below its 60% barrier, in which case investors will lose 1% for each 1% decline of the stock.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
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| Underlying stock: | Boeing Co.
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| Amount: | $500,000
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| Maturity: | Dec. 3, 2021
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| Coupon: | 12.72% annualized, payable monthly if each stock closes at or above coupon barrier on related determination date
|
| Price: | Par
|
| Call: | At par plus contingent coupon if stock closes at or above its initial level on any quarterly call determination date after six months
|
| Payout at maturity: | Par plus final coupon unless stock finishes below barrier level, in which case full exposure to stock decline
|
| Initial level: | $217.61
|
| Coupon barrier: | $130.57, 60% of initial level
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| Barrier level: | $130.57, 60% of initial level
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| Pricing date: | Nov. 25
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| Settlement date: | Dec. 3
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| Agents: | CIBC World Markets Corp.
|
| Fees: | 1%
|
| Cusip: | 136071BW6
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