By William Gullotti
Buffalo, N.Y., April 4 – Canadian Imperial Bank of Commerce priced $17.13 million of autocallable market-linked step-up notes due April 2, 2029 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 8.6% 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, 145% 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 45%.
Investors will receive par if the index declines by no more than 15% and lose 1% for every 1% decline beyond 15%.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable market-linked step-up notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $17,126,350
|
| Maturity: | April 2, 2029
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| 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 45%; if index declines by up to 15%, par; otherwise, 1% loss for each 1% decline beyond 15%
|
| Call: | At par plus 8.6% per year if the index closes at or above its initial level on any annual observation date
|
| Initial level: | 4,050.83
|
| Step-up value: | 5,873.7; 145% of initial level
|
| Barrier value: | 3,443.21; 85% of initial level
|
| Pricing date: | March 30
|
| Settlement date: | April 6
|
| Agent: | BofA Securities, Inc.
|
| Fees: | 2%
|
| Cusip: | 13607Y816
|
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