Chicago, Aug. 1 – Canadian Imperial Bank of Commerce priced $3.98 million issuer callable contingent coupon (with memory) barrier notes due Jan. 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 8.1% if the index closes at or above the 70% coupon barrier on the corresponding observation date. Previously unpaid coupons will also be paid.
The notes may be called at par plus any coupon due at the option of the issuer on any monthly coupon payment date.
Investors will receive par plus the contingent coupon if the final level of the index is at or above its 70% trigger level.
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
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Issue: | Issuer callable contingent coupon (with memory) barrier notes
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Underlying index: | S&P 500 index
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Amount: | $3,978,000
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Maturity: | Jan. 29, 2026
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Coupon: | 8.1% per year, paid monthly if the index closes at or above coupon barrier on the relevant observation date; previously unpaid coupons will also be paid
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Price: | Par
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Payout at maturity: | Par plus contingent coupon if the index finishes at or above trigger level; otherwise, full exposure to index decline from its initial level
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Call option: | At par plus any coupon due at the option of the issuer on any monthly coupon payment date
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Initial level: | 4,566.75
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Coupon barrier level: | 3,196.73; 70% of initial level
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Trigger level: | 3,196.73; 70% of initial level
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Pricing date: | July 26
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Settlement date: | July 31
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Agent: | CIBC World Markets Corp.
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Fees: | 0.25%
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Cusip: | 13607XLF2
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