By Kiku Steinfeld
Chicago, May 10 – Canadian Imperial Bank of Commerce priced $5.76 million of autocallable market-linked step-up notes due April 26, 2024 tied 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 5.3% 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 receive par if the index falls by up to 15% and will lose 1% for each 1% decline beyond 15%.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | Russell 2000
|
| Amount: | $5,760,890
|
| Maturity: | April 26, 2024
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| 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 30%; par if index falls by up to 15%; 1% loss for each 1% decline beyond 15%
|
| Call: | At par plus 5.3% per year if the index closes at or above its initial level on any annual observation date
|
| Initial level: | 2,257.068
|
| Step-up value: | 2,934.188, 130% of initial level
|
| Threshold value: | 1,918.508, 85% of initial level
|
| Pricing date: | April 15
|
| Settlement date: | April 22
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 13607V820
|
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