By Taylor Fox
New York, Nov. 23 – Canadian Imperial Bank of Commerce priced $757,000 of contingent coupon autocallable notes due Nov. 22, 2023 linked to the worst performing of the class A common stock of Facebook, Inc., the common stock of Nvidia Corp. and the common stock of Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 11.004% if each stock closes at or above its barrier level, 55% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each stock closes above its initial level on any quarterly autocall observation date after six months.
The payout at maturity will be par plus any coupon due unless any stock finishes below its 55% principal barrier level, in which case investors will be fully exposed to any losses of the least-performing stock.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
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| Underlying stocks: | Facebook, Inc., Nvidia Corp. and Walmart Inc.
|
| Amount: | $757,000
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| Maturity: | Nov. 22, 2023
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| Coupon: | 11.004% per year, payable monthly if each index closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon due unless any stock finishes below principal barrier level, in which case full exposure to any losses of the least-performing stock
|
| Call: | At par plus coupon if each stock closes above initial level on any quarterly autocall observation date after six months
|
| Initial levels: | $275 for Facebook, $536.89 for Nvidia and $149.37 for Walmart
|
| Coupon barrier levels: | $151.25 for Facebook, $295.29 for Nvidia and $82.15 for Walmart; 55% of initial levels
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| Principal barrier levels: | $151.25 for Facebook, $295.29 for Nvidia and $82.15 for Walmart; 55% of initial levels
|
| Pricing date: | Nov. 17
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| Settlement date: | Nov. 20
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 2.875%
|
| Cusip: | 13605WM32
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