By William Gullotti
Buffalo, N.Y., Feb. 13 – Canadian Imperial Bank of Commerce priced $7.7 million of autocallable Strategic Accelerated Redemption Securities due Feb. 26, 2029 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 if the closing level of the index is greater than or equal to its starting value on any annual observation date, including maturity. The call premium will be 8.8% per year.
If the notes are not called and the index finishes at or above its 85% threshold level, the payout at maturity will be par.
Otherwise, investors will lose 1% for every 1% decline beyond 15%.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable Strategic Accelerated Redemption Securities
|
| Underlying index: | Russell 2000 index
|
| Amount: | $7,697,230
|
| Maturity: | Feb. 26, 2029
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | If index finishes at or above threshold level, par; otherwise, 1% loss for each 1% decline below threshold
|
| Call: | Notes will be called at par plus a premium if the closing level of the index is greater than or equal to its starting value on any annual observation date including maturity; call premium will be 8.8% per year
|
| Initial level: | 1,979.699
|
| Threshold level: | 1,682.744; 85% of initial level
|
| Pricing date: | Feb. 8
|
| Settlement date: | Feb. 15
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 13608J263
|
|
|
© 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.
