By Susanna Moon
Chicago, Dec. 22 – Canadian Imperial Bank of Commerce priced $1.11 million of autocallable equity-linked notes due Dec. 21, 2017 tied to Alibaba Group Holding Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11% if the stock closes at or above the barrier level for that quarter.
The notes will be called at par plus interest if Alibaba stock closes at or above the initial price on any quarterly valuation date after one year.
If the notes are not called and the final share price is at least 70% of the initial price, the payout at maturity will be par.
Otherwise, investors will be fully exposed to any losses.
Janney Montgomery Scott is the distributor.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Autocallable equity-linked notes
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Underlying stock: | Alibaba Group Holding Ltd. (Symbol: BABA)
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Amount: | $1,108,000
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Maturity: | Dec. 21, 2017
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Coupon: | 11% for each quarter that stock closes at or above barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | If final share price is at least barrier price, par; otherwise, investors will be fully exposed to decline from initial price; in either case, investors will receive last quarterly interest payment
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Call: | At par plus interest if stock closes at or above initial level on any quarterly valuation date beginning Dec. 18, 2015
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Initial price: | $109.25
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Barrier price: | $76.48, 70% of initial price
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Pricing date: | Dec. 18
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Settlement date: | Dec. 23
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Distributor: | Janney Montgomery Scott
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Fees: | 2.25%
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Cusip: | 01609W102
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