By Marisa Wong
Los Angeles, March 30 – Canadian Imperial Bank of Commerce priced $90.45 million of autocallable market-linked step-up notes due April 2, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
CIBC will issue a total of $90,465,610 principal amount of notes, or 9,046,561 units with a $10 face amount each. The issuer sold 300,000 units at $9.95 each to an individual investor and the remainder at par of $10 to the public for a total of $90,450,610.
The notes will be called at par of $10 plus an annualized call premium of 9.05% 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, 126% of the initial level, the payout at maturity will be par plus the index gain.
If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 26%.
Investors will be exposed to any losses.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $90,450,610
|
| Units: | 9,046,561 with face amount of $10 each ($90,465,610 principal amount)
|
| Maturity: | April 2, 2024
|
| Coupon: | 0%
|
| Price: | $9.95 for 300,000 units sold to individual investor; par of $10 for remainder sold to public
|
| 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 26%; 1% loss for each 1% decline
|
| Call: | At par plus 9.05% per year if the index closes at or above its initial level on any annual observation date
|
| Initial level: | 3,909.52
|
| Step-up value: | 4,926.00, 126% of initial level
|
| Pricing date: | March 25
|
| Settlement date: | April 1
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 1.5% for 300,000 units; 2% for remainder
|
| Cusip: | 13607H367
|
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