By Wendy Van Sickle
Columbus, Ohio, May 3 – Canadian Imperial Bank of Commerce priced $19.19 million of 0% autocallable market-linked step-up notes due April 24, 2026 linked to the S&P 500 index, according to a 424B2 with the Securities and Exchange Commission.
The notes will be called at par plus an annualized call premium of 11.8% if the index closes at or above its initial level on any annual observation date.
If the index finishes above the step-up value, 130% of the initial level, the payout at maturity will be par plus the index gain.
If the index finishes flat or gains by up to the step-up level, the payout will be par plus the step-up payment of 30%.
Investors will have full exposure to loss.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable market-linked step-up notes
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| Underlying index: | S&P 500 index
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| Amount: | $19,189,800
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| Maturity: | April 24, 2026
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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 index finishes flat or gains by up to step-up level, par plus 30%; full exposure to loss
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| Call: | At par plus 11.8% per year if the index closes at or above its initial level on any annual observation date
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| Initial level: | 4,135.35
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| Step-up value: | 5,375.96; 130% of initial level
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| Pricing date: | April 27
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| Settlement date: | May 4
|
| Underwriter: | BofA Securities, Inc.
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| Fees: | 2%
|
| Cusip: | 13607Y675
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