By Kiku Steinfeld
Chicago, Sept. 30 – Canadian Imperial Bank of Commerce priced $3.53 million of contingent coupon autocallable notes due Sept. 28, 2023 linked to the lesser performing of the Financial Select Sector SPDR fund and the Energy Select Sector SPDR fund, according to a 424B3 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 18% if each fund closes at or above its 80% coupon barrier on the observation date for that quarter.
Beginning March 24, the notes will be called at par if each fund closes at or above its initial level on a quarterly call valuation date.
The payout at maturity will be par unless either fund finishes below its 80% barrier level, in which case investors will be fully exposed to the decline of the worse performing fund.
CIBC World Markets is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
|
| Underlying funds: | Energy Select Sector SPDR fund and Financial Select Sector SPDR fund
|
| Amount: | $3,525,000
|
| Maturity: | Sept. 28, 2023
|
| Contingent coupon: | 18% per year, payable quarterly if each fund closes at or above 80% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each fund finishes at or above barrier, par; otherwise, full exposure to losses of worse performing fund
|
| Call: | Beginning March 24, at par if each fund closes at or above its initial level on any quarterly call valuation date
|
| Initial levels: | $30.20 for energy fund, $23.25 for financial fund
|
| Barrier levels: | $24.16 for energy fund, $18.60 financial fund; 80% of initial levels
|
| Pricing date: | Sept. 24
|
| Settlement date: | Sept. 29
|
| Agents: | CIBC World Markets
|
| Fees: | 2%
|
| Cusip: | 13605WF97
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