By Sarah Lizee
Olympia, Wash., July 2 – Canadian Imperial Bank of Commerce priced $1.26 million of contingent coupon autocallable notes July 5, 2022 linked to the lowest performing of the common stocks of Apple Inc., Amazon.com, Inc. and Nvidia Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 22.45% if each stock closes at or above its 70% coupon barrier on the observation date for that period.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par plus the coupon unless any underlying stock finishes below its 70% principal barrier price, in which case investors will be fully exposed to the losses of the worst performing stock.
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: | Apple Inc., Amazon.com, Inc. and Nvidia Corp.
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| Amount: | $1.26 million
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| Maturity: | July 5, 2022
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| Coupon: | 22.45% annualized, payable quarterly if each index closes at or above 70% coupon barrier on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus coupon unless any stock finishes below barrier, in which full exposure to losses of worst performing stock
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| Call: | At par plus coupon if each index closes at or above initial level on any quarterly call observation date after six months
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| Initial levels: | $360.06 for Apple, $2,734.40 for Amazon and $369.42 for Nvidia
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| Barrier levels: | $252.04 for Apple, $1,914.08 for Amazon and $258.59 for Nvidia, 70% of initial levels
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| Pricing date: | June 25
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| Settlement date: | July 2
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| Agents: | CIBC World Markets Corp.
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| Fees: | 1.75%
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| Cusip: | 136071BP1
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