By Wendy Van Sickle
Columbus, Ohio, Sept. 11 – Canadian Imperial Bank of Commerce priced $2.21 million of 10.2% fixed-interest autocallable notes due Sept. 14, 2021 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be automatically called at par plus the most recent coupon if the stock closes at or above its initial level on any quarterly determination date.
If the notes are not called and the stock finishes at or above its initial level or has not closed below its trigger level, 50% of its initial share price, during the life of the notes, the payout at maturity will be par.
Otherwise, investors will receive a number of Apple shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Fixed-interest autocallable notes
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| Underlying stock: | Apple Inc.
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| Amount: | $2,205,000
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| Maturity: | Sept. 14, 2021
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| Coupon: | 10.2%, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par if stock finishes at or above initial level or never closes below trigger level during life of notes; otherwise, a number of Apple shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares
|
| Call: | Automatically at par plus coupon if stock closes at or above its initial level on any quarterly determination date
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| Initial level: | $120.88
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| Trigger level: | $60.44; 50% of initial level
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| Pricing date: | Sept. 4
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| Settlement date: | Sept. 11
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| Agent: | CIBC World Markets Corp.
|
| Fees: | 1.25%
|
| Cusip: | 136071BS5
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