Chicago, Oct. 26 – Canadian Imperial Bank of Commerce priced $630,000 of market-linked securities due March 1, 2023 – 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 pay a contingent 6.7% coupon on a monthly basis if the index closes above its 75% coupon threshold level on the related coupon determination date.
The notes will be called at par if the index closes at or above the initial level on any monthly observation date after six months.
The payout at maturity will be par unless the index finishes below its 75% 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
|
| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
|
| Underlying index: | S&P 500 index
|
| Amount: | $630,000
|
| Maturity: | March 1, 2023
|
| Coupon: | 6.7% annual rate, payable monthly if index closes above coupon threshold level on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless index falls by more than 25%, in which case 1% loss per 1% decline of index from initial level
|
| Call: | At par if the index closes at or above its initial level on any monthly observation date after six months
|
| Initial levels: | 4,373.94
|
| Coupon threshold level: | 3,280.455; 75% of initial level
|
| Downside threshold: | 3,280.455; 75% of initial level
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 3
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 1.275%
|
| Cusip: | 13607X5K9
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
