New Issue: CIBC sells $1.69 million 8.532% fixed interest barrier notes on Pfizer, Russell

By Wendy Van Sickle

Columbus, Ohio, June 22 – Canadian Imperial Bank of Commerce priced $1.69 million of 8.532% fixed-interest barrier notes due Oct. 9, 2025 linked to the common stock of Pfizer Inc. and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless either asset finishes below the barrier level, 60% of the initial level, in which case investors will be fully exposed to the decline of the worst performing asset.

CIBC Capital Markets is the underwriter.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Fixed interest barrier notes
Underlying stocks:	Pfizer Inc., Russell 2000 index
Amount:	$1,686,000
Maturity:	Oct. 9, 2025
Coupon:	8.532% annual rate, payable monthly
Price:	Par
Payout at maturity:	Par plus coupon unless either asset finishes below barrier level, in which case full exposure to laggard asset’s decline
Initial levels:	$38.65 for Pfizer, 1,806.713 for Russell 2000
Barrier levels:	$23.19 for Pfizer, 1,084.028 for Russell 2000; 60% of initial levels
Pricing date:	June 6
Settlement date:	June 9
Agent:	CIBC Capital Markets
Fees:	0.47%
Cusip:	13607XJL2

© 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.