By William Gullotti
Buffalo, N.Y., Oct. 31 – Canadian Imperial Bank of Commerce priced $8.63 million of autocallable Strategic Accelerated Redemption Securities due Oct. 30, 2026 linked to the MSCI Emerging Markets index, 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 index is greater than or equal to its starting value on any annual observation date, including maturity. The call premium will be 12.1% per year.
If the notes are not called, investors will lose 1% for every 1% decline of the index.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable Strategic Accelerated Redemption Securities
|
| Underlying index: | MSCI Emerging Markets index
|
| Amount: | $8,628,210
|
| Maturity: | Oct. 30, 2026
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If not called, full exposure to loss
|
| Call: | Notes will be called at par plus a premium if the closing level of the index is greater than or equal to its starting value on any annual observation date including maturity; call premium will be 12.1% per year
|
| Initial level: | 910.91
|
| Pricing date: | Oct. 26
|
| Settlement date: | Nov. 2
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 13608J511
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
