By William Gullotti
Buffalo, N.Y., March 15 – Canadian Imperial Bank of Commerce priced $9.96 million of autocallable market-linked step-up notes due March 14, 2025 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 13.1% 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, 121% of the initial level, the payout at maturity will be par plus the index gain.
If the index finishes flat or gains up to the step-up value, the payout will be par plus the step-up return of 21%.
Investors will be fully exposed to any index decline.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | Russell 2000 index
|
| Amount: | $9,956,410
|
| Maturity: | March 14, 2025
|
| 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 finishes flat or gains up to the step-up level, par plus 21%; otherwise, 1% loss for each 1% decline from initial level
|
| Call: | At par plus 13.1% per year if the index closes at or above its initial level on any annual observation date
|
| Initial level: | 2,011.673
|
| Step-up value: | 2,434.124; 121% of initial level
|
| Pricing date: | March 10
|
| Settlement date: | March 17
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 13607V150
|
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