New Issue: CIBC prices $10.53 million 11% STEP Income Securities on Facebook

By Wendy Van Sickle

Columbus, Ohio, Sept. 15 – Canadian Imperial Bank of Commerce priced $10.53 million of 11% STEP Income Securities due Sept. 24, 2021 linked to Facebook, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly.

If the stock finishes at or above the step level – 111% of the initial price – the payout at maturity will be par of $10 plus a step payment of 8.9%.

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 Securities, Inc. is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	STEP Income Securities
Underlying stock:	Facebook, Inc.
Amount:	$10,530,440
Maturity:	Sept. 24, 2021
Coupon:	11%, payable quarterly
Price:	Par of $10
Payout at maturity:	If the stock finishes at or above step level, par plus 8.9%; if stock gains by up to step level, par; otherwise, investors will be exposed to any losses
Initial share price:	$273.43
Step level:	$303.51, 111% of initial level
Pricing date:	Sept. 10
Settlement date:	Sept. 17
Agent:	BofA Securities, Inc.
Fees:	1.5%
Cusip:	13607H656

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