By Wendy Van Sickle
Columbus, Ohio, March 31 – Canadian Imperial Bank of Commerce priced $10.04 million of contingent coupon autocallable notes due April 1, 2024 linked to the worst performing of the common stocks of Apple Inc. and Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 15.5% if each stock closes at or above its barrier level, 80% of its initial level, on a related observation date.
The notes will be called at par if each stock closes above its initial level on any quarterly autocall observation date after six months.
The payout at maturity will be par plus any coupon due unless any stock finishes below its 80% 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: | Apple Inc. and Amazon.com, Inc.
|
| Amount: | $10,038,000
|
| Maturity: | April 1, 2024
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| Coupon: | 15.5% per year, payable quarterly if each index closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon unless any stock finishes below principal barrier level, in which case full exposure to any losses of least-performing stock
|
| Call: | At par if each stock closes above initial level on any quarterly autocall observation date after six months
|
| Initial levels: | $121.21 for Apple and $3,052.03 for Amazon
|
| Coupon barrier levels: | $96.97 for Apple and $2,441.62 for Amazon; 80% of initial levels
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| Principal barrier levels: | $96.97 for Apple and $2,441.62 for Amazon; 80% of initial levels
|
| Pricing date: | March 26
|
| Settlement date: | March 31
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 2%
|
| Cusip: | 13705W2E0
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