By William Gullotti
Buffalo, N.Y., Dec. 22 – Canadian Imperial Bank of Commerce priced $14 million of 6.24% trigger callable yield notes due Dec. 23, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes are callable at par of $10 on any monthly coupon payment date after three months.
The payout at maturity will be par unless the index finishes below its 70% downside threshold level, in which case investors will be fully exposed to the index’s decline.
CIBC Capital Markets and UBS Financial Services Inc. are the agents.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Trigger callable yield notes
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| Underlying index: | S&P 500 index
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| Amount: | $14 million
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| Maturity: | Dec. 23, 2025
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| Coupon: | 6.24%, payable monthly
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| Price: | Par of $10
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| Payout at maturity: | If the index finishes at or above downside threshold level, par; otherwise, full exposure to decline from initial level
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| Call option: | At par on any monthly call date after three months
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| Initial level: | 4,740.56
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| Downside threshold level: | 3,318.39; 70% of initial level
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| Strike date: | Dec. 18
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| Pricing date: | Dec. 19
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| Settlement date: | Dec. 21
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| Agents: | CIBC Capital Markets and UBS Financial Services Inc.
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| Fees: | 1.5%
|
| Cusip: | 13608P376
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