Chicago, Aug. 22 – Canadian Imperial Bank of Commerce priced $876,000 of market-linked securities – autocallable with contingent coupon and contingent downside – due Aug. 15, 2024 linked to the stock performance of Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 11.5% if the stock closes at or above its coupon barrier level, 70% of its initial level, on the corresponding observation date.
The notes will be called at par plus the coupon if the stock closes at or above its initial level on any quarterly observation date after six months.
If the notes are not called and the final stock level is greater than or equal to the 70% barrier level, the payout will be par plus the final coupon.
Otherwise, investors will lose 1% for each 1% decline from the initial level
Wells Fargo Securities, LLC is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Market-linked securities – autocallable with contingent coupon and contingent downside
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| Underlying stock: | Amazon.com, Inc.
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| Amount: | $876,000
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| Maturity: | Aug. 15, 2024
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| Coupon: | 11.5% annual rate, payable quarterly if stock closes at or above coupon barrier level on the corresponding observation date
|
| Price: | Par
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| Payout at maturity: | If final stock level is greater than or equal to final barrier level, par plus final coupon; otherwise, 1% loss for every 1% decline from initial level
|
| Call: | At par plus coupon if stock closes at or above initial level on any quarterly observation date from after six months
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| Initial level: | $143.55
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| Coupon barrier level: | $100.485; 70% of initial level
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| Barrier level: | $100.485; 70% of initial level
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| Pricing date: | Aug. 12, 2022
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| Settlement date: | Aug. 17, 2022
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| Underwriter: | Wells Fargo Securities, LLC
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| Fees: | 1.825%
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| Cusip: | 13607XAX5
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