By William Gullotti
Buffalo, N.Y., Aug. 22 – Canadian Imperial Bank of Commerce priced $11.53 million of autocallable Strategic Accelerated Redemption Securities due Aug. 31, 2029 linked to the Invesco S&P 500 Equal Weight ETF, 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 ETF is greater than or equal to its starting value on any annual observation date, including maturity. The call premium will be 9.6% per year.
If the notes are not called at maturity, investors will lose 1% for every 1% decline of the ETF.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable Strategic Accelerated Redemption Securities
|
| Underlying fund: | Invesco S&P 500 Equal Weight ETF
|
| Amount: | $11,531,470
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| Maturity: | Aug. 31, 2029
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| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If not called at maturity, full exposure to loss
|
| Call: | Notes will be called at par plus a premium if the closing level of the ETF is greater than or equal to its starting value on any annual observation date including maturity; call premium will be 9.6% per year
|
| Initial level: | $147.02
|
| Pricing date: | Aug. 17
|
| Settlement date: | Aug. 24
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 13607Y360
|
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