By Wendy Van Sickle
Columbus, Ohio, July 3 – Canadian Imperial Bank of Commerce priced $17.05 million 7% STEP Income Securities due July 10, 2020 linked to JPMorgan Chase & Co. common shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the shares finish at or above the step level – 107% of the initial price – the payout at maturity will be par of $10 plus a step payment of 5.18%.
If the stock finishes at or above the initial level but below the step level, the payout at maturity will be par.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | STEP Income Securities
|
| Underlying stock | JPMorgan Chase & Co.
|
| Amount: | $17,050,160
|
| Maturity: | July 10, 2020
|
| Coupon: | 7%, payable quarterly
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final price of stock is greater than or equal to step level, par plus 5.18%; if final share price is greater than or equal to initial share price but less than step level, par; if final share price is less than initial share price, full exposure to losses
|
| Initial share price: | $109.01
|
| Step level: | $116.64, 107% of initial share price
|
| Pricing date: | June 27
|
| Settlement date: | July 5
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 13607G724
|
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