CIBC to price contingent coupon autocallables tied to three stocks

By Sarah Lizee

Olympia, Wash., Feb. 22 – Canadian Imperial Bank of Commerce plans to price contingent coupon autocallable notes due Feb. 26, 2021 linked to the lower performing of the common stocks of Conagra Brands, Inc., Deere & Co. and International Paper Co., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 12.4% if each stock closes at or above its coupon barrier level, 60% of the initial level, on the observation date for that quarter.

The notes will be automatically called at par plus the contingent coupon if on any quarterly valuation date beginning on May 22 if the closing levels of all the stocks are greater than their initial levels.

The payout at maturity will be par plus any coupon unless any of the stocks finishes below its 60% barrier level, in which case investors will receive a number of shares of the worst performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.

CIBC World Markets Corp. is the agent.

The notes are expected to price on Feb. 25.

The Cusip number is 13605WPY1.

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