By Taylor Fox
New York, Dec. 24 – Canadian Imperial Bank of Commerce priced $2.4 million of contingent coupon autocallable notes due Dec. 13, 2021 linked to the common stock of Citigroup Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 13% if the stock closes at or above its 80% coupon barrier on the related determination date. Previously unpaid coupons will also be included.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any quarterly call determination date.
The payout at maturity will be par plus the final coupon(s) unless the stock finishes below its 80% barrier, in which case investors will lose 1% for each 1% decline of the stock.
Jefferies LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
|
| Underlying stock: | Citigroup Inc.
|
| Amount: | $2.4 million
|
| Maturity: | Dec. 13, 2021
|
| Coupon: | 13% annualized, payable quarterly if each stock closes at or above coupon barrier on related determination date; previously unpaid coupons will also be paid
|
| Price: | Par
|
| Call: | At par plus contingent coupon if stock closes at or above its initial level on any quarterly call determination date
|
| Payout at maturity: | Par plus final coupon(s) unless stock finishes below barrier level, in which case full exposure to stock decline
|
| Initial level: | $58.13
|
| Coupon barrier: | $46.50, 80% of initial level
|
| Barrier level: | $46.50, 80% of initial level
|
| Pricing date: | Dec. 8
|
| Settlement date: | Dec. 11
|
| Agents: | Jefferies LLC
|
| Fees: | 3.25%
|
| Cusip: | 13605WR37
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
