By Wendy Van Sickle
Columbus, Ohio, Feb. 21 – Canadian Imperial Bank of Commerce priced $10 million of airbag autocallable contingent yield notes with memory coupon due Feb. 22, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly at an annualized rate of 11.05% if the index closes above its coupon barrier, 85% of the initial level, on the related observation date, plus any previously unpaid coupon.
The notes will be called automatically at par if the index closes at or above the initial index level on any monthly observation date.
The payout at maturity will be par unless the final index level is less than the threshold level, 85% of the initial index level, in which case investors will lose 1.1765% for each 1% index decline beyond 15%.
CIBC Capital Markets and UBS Financial Services Inc. are the agents.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Airbag autocallable contingent yield notes with memory coupon
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| Underlying index: | S&P 500 index
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| Amount: | $10 million
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| Maturity: | Feb. 22, 2024
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| Coupon: | 11.05%, payable monthly if index closes above coupon barrier on related observation date, plus any previously unpaid coupon
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| Price: | Par
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| Payout at maturity: | Par unless final index level is less than threshold level, in which case 1.1765% loss for each 1% index decline beyond 15%
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| Call: | Automatically at par if the index closes at or above initial index level on any monthly observation date
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| Initial index level: | 4,136.13
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| Coupon barrier: | 3,515.71, 85% of initial index level
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| Threshold level: | 3,515.71, 85% of initial index level
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| Strike date: | Feb. 14
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| Pricing date: | Feb. 15
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| Settlement date: | Feb. 21
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| Agents: | CIBC Capital Markets and UBS Financial Services Inc.
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| Fees: | 0.1%
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| Cusip: | 13608K328
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