CIBC plans contingent coupon autocallable notes tied to three indexes

By Devika Patel

Knoxville, Tenn., Jan. 3 – Canadian Imperial Bank of Commerce plans to price contingent coupon autocallable notes due Jan. 31, 2023 linked to the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B3 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an expected annual rate of 9% if each index closes at or above its coupon barrier level, 75% of the initial level, on the observation date for that quarter.

The notes will be automatically called at par plus the contingent coupon if on any semiannual call date beginning on Jan. 31, 2019 the closing levels of all indexes is greater than their initial levels.

The payout at maturity will be par plus any coupon unless any of the indexes finishes at or below its 65% principal barrier level, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.

Jefferies LLC is the agent.

The notes (Cusip: 13605WHS3) are expected to price on Jan. 26 and settle on Jan. 31.

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