By William Gullotti
Buffalo, N.Y., March 29 – Canadian Imperial Bank of Commerce priced $30.95 million of Strategic Accelerated Redemption Securities due March 31, 2028 linked to the S&P 500 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 its starting value on any annual observation date including maturity. The call premium will be 8.5% per year.
If the notes are not called, the payout at maturity will be par plus the return of the index with full exposure to the decline.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Strategic Accelerated Redemption Securities
|
| Underlying index: | S&P 500 index
|
| Amount: | $30,948,810
|
| Maturity: | March 31, 2028
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | Full exposure to any decline if notes are not called
|
| Call: | Notes will be called at par plus a premium if the closing level of the index is greater than its starting value on any annual observation date including maturity; call premium will be 8.5% per year
|
| Initial level: | 4,520.16
|
| Pricing date: | March 24
|
| Settlement date: | March 31
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 13607V143
|
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