Chicago, Nov. 14 – Canadian Imperial Bank of Commerce priced $15.32 million of autocallable Strategic Accelerated Redemption Securities due Nov. 30, 2029 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a premium if the closing level of the index is greater than or equal to its starting value on any annual observation date, including maturity. The call premium will be 7.8% per year.
If the notes are called because the index finishes above its initial level, the payout will be par plus 46.8%.
The payout will be par if the index declines but finishes above the 85% threshold value.
Otherwise, investors will lose 1% for every 1% that the index declines.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Autocallable Strategic Accelerated Redemption Securities
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Underlying index: | S&P 500 index
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Amount: | $15,318,180
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Maturity: | Nov. 30, 2029
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 46.8% call premium if index return is positive; par if index declines but not more than 15%; otherwise, 1% loss for each 1% decline from initial level
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Call: | Notes will be called at par plus a premium if the closing level of the index is greater than or equal to its starting value on any annual observation date including maturity; call premium will be 7.8% per year
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Initial level: | 4,347.35
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Threshold level: | 3,695.25, 85% of initial level
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Pricing date: | Nov. 9
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Settlement date: | Nov. 16
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Agent: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 13607Y121
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