By Wendy Van Sickle
Columbus, Ohio, March 16 – Canadian Imperial Bank of Commerce priced $12.31 million of autocallable market-linked step-up notes due April 2, 2024 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 11.3% 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, 130% 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 30%.
Investors will be exposed to losses.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable market-linked step-up notes
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| Underlying index: | Russell 2000 index
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| Amount: | $12,305,140
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| Maturity: | April 2, 2024
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If index finishes above step-up level, par plus index gain; if index finishes at or above initial level but at or below step-up level, par plus 30%; 1% loss for each 1% index decline
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| Call: | At par plus 11.3% per year if index closes at or above its initial level on any annual observation date
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| Initial level: | 2,338.542
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| Step-up level: | 3,040.105, 130% of initial level
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| Pricing date: | March 11
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| Settlement date: | March 18
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 13607V846
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