By Marisa Wong
Madison, Wis., May 20 – Canadian Imperial Bank of Commerce priced $35,000 of autocallable equity-linked notes due May 22, 2018 tied to the common stock of 3D Systems Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon of 14.2% per year if the 3D Systems stock price is equal to or greater than the barrier price, 70% of the initial price, on any quarterly valuation date.
The notes will be automatically called at par plus interest if the price of 3D Systems stock is greater than or equal to the initial price on any quarterly valuation date beginning May 19, 2016.
If the notes are not called and the final share price is at least 70% of the initial price, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline in the stock price from the initial price.
Janney Montgomery Scott is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable equity-linked notes
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| Underlying stock: | 3D Systems Corp. (Symbol: DDD)
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| Amount: | $35,000
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| Maturity: | May 22, 2018
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| Coupon: | 14.2%, payable quarterly
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| Price: | Par
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| Payout at maturity: | If final share price is at least barrier price, par plus final coupon; otherwise, full exposure to decline from initial price
|
| Call: | At par plus interest if stock price is greater than or equal to initial price on any quarterly valuation date beginning May 19, 2016
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| Initial price: | $22.61
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| Barrier price: | $15.827, 70% of initial price
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| Pricing date: | May 19
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| Settlement date: | May 22
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| Underwriter: | Janney Montgomery Scott
|
| Fees: | 2.5%
|
| Cusip: | 13605WAR2
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