CIBC plans step-up contingent coupon notes tied to Russell, Euro Stoxx

By Angela McDaniels

Tacoma, Wash., Sept. 22 – Canadian Imperial Bank of Commerce plans to price step-up contingent coupon autocallable notes due Sept. 29, 2022 linked to the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

Every six months, the notes will pay a contingent coupon if the lesser-performing index closes at or above its barrier level, 70% of its initial level, on the valuation date for that semiannual period. The contingent coupon rate will be 6% per year up to but excluding Sept. 29, 2020 and 10% per year from and including Sept. 29, 2020 up to but excluding the maturity date.

The notes will be automatically called at par if the lesser-performing index closes at or above its initial level on any semiannual call valuation date.

If the notes are not called and the lesser-performing index’s final level is greater than or equal to its barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the lesser-performing index declines from its initial level.

CIBC World Markets Corp. is the agent.

The notes will price Sept. 26.

The Cusip number is 13605WFX4.

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