By William Gullotti
Buffalo, N.Y., Feb. 15– Canadian Imperial Bank of Commerce priced $4.33 million of Strategic Accelerated Redemption Securities due Feb. 24, 2023 linked to an equally weighted basket of ETFs, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the Energy Select Sector SPDR Fund with a 33.34% weight, the Financial Select Sector SPDR Fund with a 33.33% weight and the Health Care Select Sector SPDR Fund with a 33.33% weight.
The notes will be called at par plus a premium if the closing level of the basket is greater than its starting value on any quarterly observation date. The call premium will be 6.8% a year.
If the notes are not called, the payout at maturity will be par plus the return of the basket with full exposure to the decline.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Strategic Accelerated Redemption Securities
|
| Underlying funds: | Energy Select Sector SPDR Fund (33.34% weight), Financial Select Sector SPDR Fund (33.33% weight), Health Care Select Sector SPDR Fund (33.33% weight)
|
| Amount: | $4,325,750
|
| Maturity: | Feb. 24, 2023
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| Coupon: | 0%
|
| Price: | Par of $10.00
|
| Payout at maturity: | Full exposure to basket decline if notes are not called
|
| Call: | Notes will be called at par plus a premium if the closing level of the basket is greater than its starting value on any quarterly observation date; call premium will be 6.8% a year
|
| Initial levels: | $68.42 for Energy, $40.68 for Financial, $132.08 for Health
|
| Pricing date: | Feb. 10
|
| Settlement date: | Feb. 17
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 1.25%
|
| Cusip: | 13607V218
|
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