By William Gullotti
Buffalo, N.Y., July 31 – Canadian Imperial Bank of Commerce priced $5 million issuer callable contingent coupon barrier notes due July 29, 2026 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 10.008% if the index closes at or above the 75% coupon barrier on the corresponding observation date.
The notes may be called at par plus any coupon due at the option of the issuer on any monthly coupon payment date after three months.
Investors will receive par plus the contingent coupon if the final level of the index is at or above its coupon barrier.
If the index falls below the coupon barrier but finishes at or above the 70% trigger level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the index’s decline from its initial level.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Issuer callable contingent coupon barrier note
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| Underlying index: | S&P 500 index
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| Amount: | $5 million
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| Maturity: | July 29, 2026
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| Coupon: | 10.008% per year, paid monthly if the index closes at or above coupon barrier on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if the index finishes at or above coupon barrier; if the index lags below coupon barrier but finishes at or above trigger level, par; otherwise, full exposure to index decline from its initial level
|
| Call option: | At par plus any coupon due at the option of the issuer on any monthly coupon payment date after three months
|
| Initial level: | 4,536.34
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| Coupon barrier level: | 3,402.26; 75% of initial level
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| Trigger level: | 3,175.44; 70% of initial level
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| Strike date: | July 21
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| Pricing date: | July 24
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| Settlement date: | July 27
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 0.3%
|
| Cusip: | 13607XLG0
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