By Sarah Lizee
Olympia, Wash., June 17 – Canadian Imperial Bank of Commerce priced $14.21 million of autocallable market-linked step-up notes due June 27, 2025 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 of $10 plus an annualized call premium of 12.06% 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, 135% 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 35%.
Investors will receive par if the index declines by up to 15% and will lose 1% for each 1% decline beyond the buffer.
BofA Merrill Lynch is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | S&P 500
|
| Amount: | $14,210,680
|
| Maturity: | June 27, 2025
|
| 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 35%; investors will receive par if the index declines by up to 15% and will lose 1% for each 1% decline beyond the buffer
|
| Call: | At par plus 12.06% per year if the index closes at or above its initial level on any annual observation date
|
| Initial level: | 2,891.64
|
| Step-up value: | 3,903.71, 135% of initial level
|
| Pricing date: | June 13
|
| Settlement date: | June 30
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 13607G757
|
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