By Sarah Lizee
Olympia, Wash., May 1 – Canadian Imperial Bank of Commerce priced $7.27 million of autocallable market-linked step-up notes due April 29, 2022 linked to the MSCI Emerging Markets index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 11.2% if the index closes at or above the initial level on any annual observation date.
If the notes are not called and the index finishes above the step-up value, 130% of the initial level, the payout at maturity will be par plus the index gain.
If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 30%.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | MSCI Emerging Markets
|
| Amount: | $7,274,790
|
| Maturity: | April 29, 2022
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the index finishes above the step-up level, par plus the index gain; if the index gains up to the step-up level, par plus 30%; 1% loss for each 1% decline
|
| Call: | At par plus 11.2% per year if the index closes at or above its initial level on any annual observation date
|
| Initial level: | 1,076.71
|
| Step-up value: | 1,399.72, 130% of initial level
|
| Pricing date: | April 25
|
| Settlement date: | May 2
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 13607G708
|
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