By Susanna Moon
Chicago, May 3 – Canadian Imperial Bank of Commerce priced $450,000 of 0% autocallable step-up notes due April 30, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annual call premium of 8.5% if the index closes at or above its initial level on an annual observation date.
If the index finishes above the step-up level – 151% of the initial level – the payout at maturity will be par of $10 plus the index gain.
If the index gains by up to the step-up level, the payout will be par plus the step-up payment of 51%.
Investors will receive par if the index falls by up to 15% and will be exposed to any losses beyond 15%.
Jefferies LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Autocallable step-up notes
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Underlying index: | S&P 500
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Amount: | $450,000
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Maturity: | April 30, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index gains by more than 51%, par plus return; if index gains by up to 51%, par plus 51%; par if index falls by up to 15%; exposure to any losses beyond 15%
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Call: | At par plus 8.5% per year if index closes at or above initial level on an annual observation date beginning April 23, 2019
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Initial index level: | 2,639.40
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Step-up level: | 3,985.49, 151% of initial level
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Pricing date: | April 25
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Settlement date: | April 30
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Agent: | Jefferies LLC
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Fees: | 1%
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Cusip: | 13605WKT7
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