By Jennifer Chiou
New York, March 26 - Canadian Imperial Bank of Commerce priced $3 million of 0% market plus non-principal-protected notes due Sept. 26, 2016 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
SG Americas Securities, LLC is the agent.
A trigger event will occur if the index's closing level declines below the trigger level, 75% of the initial level, during the life of the notes.
If a trigger event does not occur, the payout at maturity will be par plus the greater of the index return and zero.
If a trigger event does occur, the payout will be par plus the index return. If that return is negative, investors will receive less than par.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Market plus non-principal-protected notes
|
| Underlying index: | S&P 500
|
| Amount: | $3 million
|
| Maturity: | Sept. 26, 2016
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus greater of index return and zero if index never closes below the trigger level; otherwise, par plus index return, with full exposure to losses
|
| Initial level: | 1,866.52
|
| Trigger level: | 1,399.89, 75% of initial level
|
| Pricing date: | March 21
|
| Settlement date: | March 26
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 2.15%
|
| Cusip: | 13605WAC5
|
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