By Wendy Van Sickle
Columbus, Ohio, June 29 – Canadian Imperial Bank of Commerce priced $29.79 million of autocallable market-linked step-up notes due June 28, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 6.72% if the index closes at or above the initial level on any annual observation date.
If the notes are not called and the index finishes above the step-up value, 126% of the initial level, the payout at maturity will be par plus the index gain.
If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 26%.
Investors will lose 1% for every 1% index decline.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Autocallable market-linked step-up notes
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| Underlying index: | S&P 500 index
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| Amount: | $29,794,730
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| Maturity: | June 28, 2024
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If the index finishes above the step-up level, par plus the index gain; if the index finishes flat or gains up to the step-up level, par plus 26%; 1% loss for each 1% decline
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| Call: | At par plus 6.72% per year if the index closes at or above its initial level on any annual observation date
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| Initial level: | 4,266.49
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| Step-up value: | 5,375.78, 126% of initial level
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| Pricing date: | June 24
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| Settlement date: | July 1
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| Agent: | BofA Securities, Inc.
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| Fees: | 2%
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| Cusip: | 13607V671
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