By Kiku Steinfeld
Chicago, Oct. 2 – Canadian Imperial Bank of Commerce priced $535,000 of contingent coupon autocallable barrier notes due March 20, 2026 linked to the common stock of Charles Schwab Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 24% if the stock closes at or above its barrier level, 60% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if the stock closes at or above its initial level on any monthly observation date after three months.
The payout at maturity will be par plus any final coupon unless the stock finishes below its 60% principal barrier level, in which case investors will be fully exposed to the decline.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable barrier notes
|
| Underlying stock: | Charles Schwab Corp.
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| Amount: | $535,000
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| Maturity: | March 20, 2026
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| Coupon: | 24% per year, payable monthly if stock closes at or above its coupon barrier level on observation date
|
| Price: | Par
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| Payout at maturity: | Par plus any final coupon unless stock finishes below principal barrier level, in which case full exposure to any losses of stock
|
| Call: | At par plus any coupon if stock closes at or above initial level on any monthly observation date after three months
|
| Initial level: | $56.41
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| Coupon barrier level: | $33.85; 60% of initial level
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| Principal barrier level: | $33.85; 60% of initial level
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| Pricing date: | March 20, 2023
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| Settlement date: | March 23, 2023
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| Agent: | CIBC World Markets Corp.
|
| Fees: | 0.25%
|
| Cusip: | 13607XGQ4
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