By Wendy Van Sickle
Columbus, Ohio, March 1 – Canadian Imperial Bank of Commerce priced $870,000 of contingent coupon autocallable notes due Feb. 26, 2021 linked to the lesser performing of the VanEck Vectors Gold Miners exchange-traded fund and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.8% if each underlier closes at or above its 65% coupon barrier on the applicable observation date.
After six months, the notes will be called at par if each asset closes at or above its initial price on any of the five trading days leading up to a payment date other than the final date.
The payout at maturity will be par unless either asset finishes below its 65% barrier, in which case the payout will be par plus the return of the worse performing asset with full exposure to any losses.
Janney Montgomery Scott is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying assets: | VanEck Vectors Gold Miners ETF and S&P 500 index
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| Amount: | $870,000
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| Maturity: | Feb. 26, 2021
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| Coupon: | 8.8% annualized, payable quarterly if each asset closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless either fund falls by more than 35%, in which investors will receive par plus return of worse performing asset with 1% loss per 1% decline
|
| Call: | After six months at par if each asset closes at or above its initial level on any of five trading days leading up to a payment date
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| Initial prices: | $22.18 for gold ETF and 2,779.60 for index
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| Coupon barriers: | $14.417 for gold ETF, 1,806.740 for index; 65% of initial prices
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| Pricing date: | Feb. 26
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| Settlement date: | Feb. 28
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| Agent: | Janney Montgomery Scott
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| Fees: | 2%
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| Cusip: | 13605WKA8
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