By Wendy Van Sickle
Columbus, Ohio, June 30 – Canadian Imperial Bank of Commerce priced $5.85 million of trigger callable contingent yield notes due Sept. 26, 2024 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 8.1% if the index’s closing level is at least 65% of its initial level on the corresponding observation date.
The notes will be callable at par on any monthly observation date after three months.
If the notes are not called and the index finishes at or above the 65% trigger level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for every 1% that the index’s final level is below its initial level.
UBS Financial Services Inc. and CIBC Capital Markets are the agents.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Trigger callable contingent yield notes
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Underlying index: | S&P 500 index
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Amount: | $5.85 million
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Maturity: | Sept. 26, 2024
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Coupon: | 8.1% per year, payable monthly if the index closes at or above its coupon barrier on the relevant observation date
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Price: | Par
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Payout at maturity: | Par plus the final coupon if index finishes at or above trigger level; otherwise, full exposure to losses
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Call option: | At par on any monthly observation date after three months
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Initial level: | 4,381.89
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Coupon barrier level: | 2,848.23; 65% of initial level
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Trigger level: | 2,848.23; 65% of initial level
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Pricing date: | June 23
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Settlement date: | June 28
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Agents: | UBS Financial Services Inc. and CIBC Capital Markets
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Fees: | 0.75%
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Cusip: | 13608M654
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