By William Gullotti
Buffalo, N.Y., June 22 – Canadian Imperial Bank of Commerce priced $1.07 million of market-linked securities due June 16, 2025 – autocallable with contingent coupon and contingent downside linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annualized call premium of 4.5% if the index closes at or above the initial level on any annual observation date.
The payout at maturity will be par unless the index finishes below its 70% downside threshold, in which case the payout will be par plus the return of the index with full exposure to any losses.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Market linked securities – autocallable with contingent downside
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| Underlying index: | S&P 500 index
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| Amount: | $1.07 million
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| Maturity: | June 16, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par unless index falls by more than 30%, in which case 1% loss per 1% decline of index
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| Call: | At par plus 4.5% per year if the index closes at or above its initial level on any annual observation date
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| Initial levels: | 4,247.44
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| Downside threshold: | 2,973.208; 70% of initial levels
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| Pricing date: | June 11
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| Settlement date: | June 16
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 2.475%
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| Cusip: | 13605W4G3
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