By Wendy Van Sickle
Columbus, Ohio, March 22 – Canadian Imperial Bank of Commerce priced $41.48 million of 6.07% trigger callable yield notes due June 23, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes are callable at par on any monthly call date after three months.
The payout at maturity will be par unless the index finishes below its 60% downside threshold level, in which case investors will lose 1% for each 1% decline of the index.
UBS Financial Services Inc. and CIBC Capital Markets are the underwriters.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Trigger callable yield notes
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| Underlying index: | S&P 500 index
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| Amount: | $41,481,500
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| Maturity: | June 23, 2023
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| Coupon: | 6.07% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless index finishes below downside threshold, in which case 1% loss for each 1% decline of index
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| Call option: | At par on any monthly evaluation date after three months
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| Initial level: | 4,411.67
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| Downside threshold: | 2,647.0; 60% of initial level
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| Pricing date: | March 17
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| Settlement date: | March 22
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| Underwriters: | UBS Financial Services Inc. and CIBC Capital Markets
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| Fees: | 1%
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| Cusip: | 13608J602
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