By Wendy Van Sickle
Columbus, Ohio, Sept. 28 – Canadian Imperial Bank of Commerce priced $11.63 million of autocallable market-linked step-up notes due Sept. 26, 2025 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 6.75% if the index closes at or above the initial level on any annual observation date.
If the notes are not called and the index finishes above the step-up value, 140% of the initial level, the payout at maturity will be par plus the index gain.
If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 40%.
Investors will receive par if the index falls by up to 15% and will be exposed to losses beyond 15%.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Autocallable market-linked step-up notes
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| Underlying index: | Russell 2000 index
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| Amount: | $11,628,790
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| Maturity: | Sept. 26, 2025
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If the index finishes above the step-up level, par plus the index gain; if the index gains up to the step-up level, par plus 40%; par if index falls by up to 15%; 1% loss for each 1% decline beyond 15%
|
| Call: | At par plus 6.75% per year if the index closes at or above its initial level on any annual observation date
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| Initial level: | 1,451.819
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| Step-up value: | 2,032.547, 140% of initial level
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| Threshold value: | 1,234.046, 85% of initial level
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| Pricing date: | Sept. 24
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| Settlement date: | Oct. 1
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| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 13607H672
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