By Wendy Van Sickle
Columbus, Ohio, May 17 – Canadian Imperial Bank of Commerce priced $13.15 million of autocallable market-linked step-up notes due May 26, 2028 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 8.8% 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, 135% of the initial level, the payout at maturity will be par plus the index gain.
If the index finishes flat or gains up to the step-up value, the payout will be par plus the step-up return of 35%.
If the index declines up to 15%, the payout will be par. Otherwise, investors will lose 1% for every 1% of index decline below its 85% threshold value.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Autocallable market-linked step-up notes
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| Underlying index: | S&P 500 index
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| Amount: | $13,146,710
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| Maturity: | May 26, 2028
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| Coupon: | 0%
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| Price: | Par of $10
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| 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 35%; if the index declines up to 15%, par; otherwise, 1% loss for each 1% decline below threshold
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| Call: | At par plus 8.8% per year if the index closes at or above its initial level on any annual observation date
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| Initial level: | 3,930.08
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| Step-up value: | 5,305.61; 135% of initial level
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| Threshold value: | 3,340.57; 85% of initial level
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| Pricing date: | May 12
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| Settlement date: | May 19
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| Agent: | BofA Securities, Inc.
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| Fees: | 2%
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| Cusip: | 13607W729
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