CIBC plans contingent coupon autocallables tied to Stoxx 50, Russell

By Susanna Moon

Chicago, April 24 – Canadian Imperial Bank of Commerce plans to price contingent coupon autocallable notes due April 28, 2020 linked to the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent semiannual coupon at an annual rate of 8% to 8.2% if each index closes at or above its 70% coupon barrier on the observation date for that quarter. The exact coupon will be set at pricing.

The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any valuation date other than the final date.

The payout at maturity will be par unless either index finishes below its 70% barrier level, in which case investors will lose 1% for each 1% decline of the worse performing index.

Janney Montgomery Scott LLC is the agent.

The notes will price on April 26 and settle on April 28.

The Cusip number is 13605WCU3.

© 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.