By Wendy Van Sickle
Columbus, Ohio, Oct. 4 – Canadian Imperial Bank of Commerce priced $2.94 million of 0% market-linked securities – autocallable with fixed percentage buffered downside due Oct. 5, 2020 linked to the Euro Stoxx 50 index, according to a 424B3 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annualized call premium of 7.65% if the index closes at or above the initial level on Oct. 4, 2018, Oct. 4, 2019 or Sept. 28, 2020.
If the index declines by up to 10%, the payout at maturity will be par.
Otherwise, investors will lose 1% for every 1% decline beyond 10%.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Market linked securities – autocallable with fixed percentage buffered downside
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| Underlying index: | Euro Stoxx 50 index
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| Amount: | $2,936,000
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| Maturity: | Oct. 5, 2020
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| Coupon: | 0%
|
| Price: | Par
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| Payout at maturity: | Par unless index falls by more than 10%, in which case exposure to any losses beyond 10%
|
| Call: | At par plus an annual call premium of 7.65% if index closes at or above its initial level on any of three annual observation dates
|
| Initial level: | 3,594.85
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| Pricing date: | Sept. 29
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| Settlement date: | Oct. 4
|
| Agent: | Wells Fargo Securities LLC
|
| Fees: | 2.825%
|
| Cusip: | 13605WFM8
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