By Kiku Steinfeld
Chicago, April 15 – Canadian Imperial Bank of Commerce priced $731,000 of contingent coupon autocallable notes due April 1, 2024 linked to the worst performing of the common stocks of FedEx Corp., General Motors Co. and Coca-Cola Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 11.04% if each stock closes at or above its barrier level, 60% 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 unless any stock finishes below its 60% 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
|
| Underlying stocks: | FedEx Corp., General Motors Co. and Coca-Cola Co.
|
| Amount: | $731,000
|
| Maturity: | April 1, 2024
|
| Coupon: | 11.04% per year, payable monthly if each stock closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par 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: | $281.34 for FedEx, $56.52 for GM and $53.04 for Coca-Cola
|
| Coupon barrier levels: | $168.80 for FedEx, $33.91 for GM and $31.82 for Coca-Cola; 60% of initial levels
|
| Principal barrier levels: | $168.80 for FedEx, $33.91 for GM and $31.82 for Coca-Cola; 60% of initial levels
|
| Pricing date: | March 26
|
| Settlement date: | March 31
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 3.2%
|
| Cusip: | 13605WZ95
|
© 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.
