By William Gullotti
Buffalo, N.Y., June 21 – Canadian Imperial Bank of Commerce priced $5.81 million of autocallable contingent coupon (with memory) notes due Dec. 30, 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 14.61% if the stock closes at or above its coupon barrier level, 90% of its initial level, on the corresponding observation date, plus any previously unpaid coupon.
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 coupon barrier level, the payout will be par plus the final coupon.
Otherwise, investors will lose 1% for each 1% decline beyond 10%.
BofA Securities is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable contingent coupon (with memory) notes
|
| Underlying stock: | Amazon.com, Inc.
|
| Amount: | $5,808,130
|
| Maturity: | Dec. 30, 2024
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| Coupon: | 14.61% annual rate, payable quarterly if stock closes at or above coupon barrier level on the corresponding observation date, plus any previously unpaid coupon
|
| Price: | Par of $10
|
| Payout at maturity: | If final stock level is greater than or equal to coupon barrier level, par plus final coupon; otherwise, 1% loss for every 1% decline beyond 10%
|
| Call: | At par plus coupon if stock closes at or above initial level on any quarterly observation date from after six months
|
| Initial level: | $126.46
|
| Coupon barrier level: | $113.81; 90% of initial level
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| Pricing date: | June 15
|
| Settlement date: | June 23
|
| Underwriter: | BofA Securities
|
| Fees: | 1.25%
|
| Cusip: | 13607Y519
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