CIBC to price contingent coupon autocallables on Russell, Euro Stoxx

By Marisa Wong

Morgantown, W.Va., Feb. 23 – Canadian Imperial Bank of Commerce plans to price contingent coupon autocallable notes due Feb. 26, 2021 linked to the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent semiannual coupon at an annual rate of 8.45% to 9.95% if each underlying index closes at or above its 75% coupon barrier on the related semiannual observation date.

The notes will be called at par if each index closes at or above its initial price on any semiannual valuation date other than the final date.

The payout at maturity will be par unless either index finishes below its 75% barrier, in which case the payout will be par plus the return of the lesser-performing index with full exposure to any losses.

Janney Montgomery Scott LLC is the agent.

The notes will price on Feb. 26.

The Cusip number is 13605WJY8.

© 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.