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CIBC plans to price autocallable market-linked step-up notes on Stoxx
By Emma Trincal
New York, April 19 – Canadian Imperial Bank of Commerce plans to price autocallable market-linked step-up notes due April 2025 tied to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 11% to 12% if the index closes at or above the initial level on any annual observation date. The exact call premium will be set at pricing.
If the notes are not called and the index finishes above the step-up value, 135% of the initial level, the payout at maturity will be par plus the index gain.
If the index finishes flat or gains up to the step-up value, the payout will be par plus the step-up return of 35%.
Otherwise, investors will be exposed to any losses.
BofA Securities, Inc. is the agent.
The notes will price at the end of April and settle in the beginning of May.
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