By Kiku Steinfeld
Chicago, Sept. 14 – Canadian Imperial Bank of Commerce priced $1.5 million of 0% market-linked autocallable securities with fixed percentage buffered downside due Sept. 3, 2024 linked to the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a fixed call premium of 7% per year if the fund closes at or above the initial fund level on any of four annual call observation dates.
The payout at maturity will be par unless the fund falls by more than 10% in which case investors will be exposed to losses beyond the 10% buffer.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Market-linked autocallable securities with fixed-percentage buffered downside
|
| Underlying fund: | Financial Select Sector SPDR
|
| Amount: | $1,498,000
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| Maturity: | Sept. 3, 2024
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par unless fund falls by more than 10% in which case exposure to losses beyond 10%
|
| Call: | Automatically at par plus 7% per year fixed call premium if the fund closes at or above the initial fund level on any of four annual call observation dates
|
| Initial level: | $25.06
|
| Threshold level: | $22.554, 90% of initial level
|
| Pricing date: | Aug. 31
|
| Settlement date: | Sept. 3
|
| Underwriter: | Wells Fargo Securities, LLC
|
| Fees: | 2.852%
|
| Cusip: | 13605WC74
|
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