By Wendy Van Sickle
Columbus, Ohio, Feb. 1 – Canadian Imperial Bank of Commerce priced $26.8 million of 0% autocallable market-linked step-up notes due Jan. 29, 2027 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a premium of 12% per year if the index closes at or above its initial level on any annual observation date.
If the index finishes above the step-up value, 121% of the initial value, the payout at maturity will be par plus the index return.
If the index finishes at or below the step-up value but at or above the initial value, the payout will be par plus the step-up payment of 21%.
Investors will receive par if the index falls by up to 15% and will be exposed to any index decline beyond 15%.
BofA Securities, Inc. is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | Russell 2000 index
|
| Principal amount: | $26,801,170
|
| Maturity: | Jan. 29, 2027
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If the index finishes above the step-up value, par plus the index return; if the index finishes at or below the step-up value but at or above the initial value, par plus 21%; par if index falls by up to 15%; exposure to losses beyond 15%
|
| Call: | Automatically at par plus a premium of 12% per year if the index closes at or above its initial level on any annual observation date
|
| Initial value: | 1,931.288
|
| Step-up value: | 2,414.11, 121% of initial value
|
| Threshold value: | 1,641.595, 85% of initial value
|
| Pricing date: | Jan. 27
|
| Settlement date: | Feb. 3
|
| Underwriter: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 13607V267
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
