By Marisa Wong
Morgantown, W.Va., Sept. 11 – Canadian Imperial Bank of Commerce priced $1.13 million of contingent coupon autocallable notes due Sept. 7, 2021 linked to the VanEck Vectors Junior Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.6% if the fund closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes will be called at par if the fund closes at or above its initial level on any quarterly valuation date other than the final date.
The payout at maturity will be par plus the contingent coupon unless the fund finishes below its 65% barrier level, in which case investors will be fully exposed to any losses.
CIBC World Markets Corp. is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
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| Underlying ETF: | VanEck Vectors Junior Gold Miners ETF
|
| Amount: | $1,128,000
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| Maturity: | Sept. 7, 2021
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| Contingent payment: | 8.6% per year, payable each quarter that ETF closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par, unless ETF finishes below barrier price, in which case 1% loss for each 1% decline
|
| Call: | Automatically at par if fund closes at or above its initial level on any quarterly valuation date other than final date
|
| Initial share price: | $34.92
|
| Coupon barrier: | $22.70, 65% of initial share price
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| Barrier price: | $22.70, 65% of initial share price
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| Pricing date: | Aug. 30
|
| Settlement date: | Sept. 6
|
| Underwriter: | CIBC World Markets Corp.
|
| Fees: | 3.125%
|
| Cusip: | 13605WFK2
|
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