By Wendy Van Sickle
Columbus, Ohio, Sept. 13 – Canadian Imperial Bank of Commerce priced $1.14 million of market-linked securities —autocallable contingent coupon and contingent downside due Sept. 11, 2025 linked to the shares of Exxon Mobil Corp., 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% if the stock closes at or above the coupon barrier level, 70% of the initial level, on the valuation date for that period.
The notes will be automatically called at par plus the coupon if the stock closes at or above its initial level on any quarterly valuation date after six months.
Investors will receive par plus a final coupon at maturity, unless the stock finishes below the coupon barrier, in which case investors will have full exposure to the loss.
Wells Fargo Securities is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Market-linked securities —autocallable contingent coupon and contingent downside
|
| Underlying shares: | Exxon Mobil Corp.
|
| Amount: | $1,135,000
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| Maturity: | Sept. 11, 2025
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| Coupon: | 12% annualized rate, payable monthly if the stock closes at or above coupon barrier level, on valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless stock finishes below coupon barrier, in which case full exposure to loss
|
| Call: | Automatically at par plus coupon if the stock closes at or above initial level on any quarterly valuation date after six months
|
| Initial level: | $94.91
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| Coupon barrier level: | $66.437, 70% of initial level
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| Pricing date: | Sept. 8
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| Settlement date: | Sept. 13
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| Underwriter: | Wells Fargo Securities
|
| Fees: | 2.225%
|
| Cusip: | 13607XBN6
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