By Marisa Wong
Morgantown, W.Va., Aug. 3 – Canadian Imperial Bank of Commerce priced $18.23 million of 9% STEP Income Securities due Aug. 9, 2019 linked to D.R. Horton, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If D.R. Horton stock finishes at or above the step level – 109% of the initial price – the payout at maturity will be par of $10 plus a step payment of 4.85%.
If the stock finishes below the step level but at or above the initial level, the payout will be par.
Otherwise, investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | STEP Income Securities
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Underlying stock: | D.R. Horton, Inc. (Symbol: DHI)
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Amount: | $18,227,640
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Maturity: | Aug. 9, 2019
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Coupon: | 9%, payable quarterly
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Price: | Par of $10.00
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Payout at maturity: | If D.R. Horton stock finishes at or above step level, par plus 4.85%; if stock gains by up to step level, par; otherwise, investors will be exposed to any losses
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Initial share price: | $43.87
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Step level: | $47.82, 109% of initial level
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Pricing date: | July 31
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Settlement date: | Aug. 7
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Agent: | BofA Merrill Lynch
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Fees: | 1.75%
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Cusip: | 13606M441
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