By Wendy Van Sickle
Columbus, Ohio, May 3 – Canadian Imperial Bank of Commerce priced $27.93 million of autocallable market-linked step-up notes due April 26, 2024 l linked to an international equity basket, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the common stocks of Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley, each with a weight of 33.33%.
The notes will be called at par of $10 plus a call premium of 12.3% a year if the basket closes at or above its initial level on May 6, 2022 or April 21, 2023.
If the notes are not called and the basket finishes above the step-up value, 145% of the initial level, the payout at maturity will be par plus the basket gain.
If the basket finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 45%.
Investors will lose 1% for every 1% basket decline.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Autocallable market-linked step-up notes
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| Underlying basket: | Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley, each with 33.33% weight
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| Amount: | $27,925,530
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| Maturity: | April 26, 2024
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If basket finishes above step-up level, par plus basket gain; if basket finishes at or above initial level but at or below step-up level, par plus 45%; 1% loss for each 1% basket decline
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| Call: | At par plus 12.3% a year if basket closes at or above its initial level on May 6, 2022 or April 21, 2023
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| Initial stock levels: | $73.84 for Citigroup, $83.64 for JPMorgan, $155.19 for Morgan Stanley
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| Step-up level: | 145% of initial level
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| Pricing date: | April 29
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| Settlement date: | May 7
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| Agent: | BofA Securities, Inc.
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| Fees: | 2%
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| Cusip: | 13607V838
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