By Kiku Steinfeld
Chicago, Feb. 24 – Canadian Imperial Bank of Commerce priced $1 million of contingent coupon autocallable notes due May 12, 2021 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 5% per year if the lesser-performing index closes at or above its coupon barrier level, 60% of its initial level, on the determination date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any valuation date other than the final date.
If the notes are not called, the payout at maturity will be par unless any index finishes below its initial level and any index ever closes below its 60% barrier level on any day during the life of the notes, in which case investors will be fully exposed to the decline of the worst performing index.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying indexes: | S&P 500 and Russell 2000
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| Amount: | $1,000,000
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| Maturity: | May 12, 2021
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| Coupon: | 5% per year, payable quarterly if lesser-performing index closes at or above coupon barrier level on determination date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless final level of the least-performing index is less than initial level and any index has ever closed below principal barrier level during life of notes; otherwise, 1% loss for each 1% decline of the least-performing index
|
| Call: | Automatically at par if lesser-performing index closes at or above initial level on any valuation date other than final one
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| Initial levels: | 3,327.71 or S&P 500 and 1,656.778 for Russell 2000
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| Coupon/principal barrier levels: | 1,996.63 for S&P 500 and 994.067 for Russell 2000, or 60% of initial levels
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| Pricing date: | Feb. 7
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| Settlement date: | Feb. 12
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 13605WVT5
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