By Wendy Van Sickle
Columbus, Ohio, Oct. 19 – Canadian Imperial Bank of Commerce priced $25.06 million of Strategic Accelerated Redemption Securities due Oct. 29, 2027 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 plus a premium if the closing level of the index is greater than its starting value on any annual observation dates. The call premium will be 7.65% a year.
If the notes are not called, the payout at maturity will be par plus the return of the index with full exposure to the decline.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Strategic Accelerated Redemption Securities
|
| Underlying index: | S&P 500
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| Amount: | $25,059,540
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| Maturity: | Oct. 29, 2027
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| Coupon: | 0%
|
| Price: | Par of $10.00
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| Payout at maturity: | Full exposure to the decline if notes are not called
|
| Call: | Notes will be called at par plus a premium if the closing level of the index is greater than its starting value on any annual observation dates; call premium will be 7.65% a year
|
| Initial index level: | 4,438.26
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| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Pricing date: | Oct. 14
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| Settlement date: | Oct. 22
|
| Cusip: | 13607V457
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