By Wendy Van Sickle
Columbus, Ohio, Dec. 11 – Canadian Imperial Bank of Commerce priced $9.21 million of 7.3% trigger callable yield notes due March 11, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes are callable at par on any coupon payment date after three months.
The payout at maturity will be par unless the index finishes below its 75% downside threshold level, in which case investors will lose 1% for each 1% decline of the index.
UBS Financial Services Inc. and CIBC Capital Markets are the agents.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Trigger callable yield notes
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Underlying index: | S&P 500
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Amount: | $9,210,700
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Maturity: | March 11, 2025
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Coupon: | 7.3% per year, payable monthly
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Price: | Par
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Payout at maturity: | Par unless index finishes below downside threshold, in which case 1% loss for each 1% decline of index
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Call option: | At par on any coupon date starting after three months
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Initial level: | 4,549.34
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Downside threshold: | 3,412.01; 75% of initial level
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Pricing date: | Dec. 6
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Settlement date: | Dec. 11
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Underwriter: | UBS Financial Services Inc. and CIBC Capital Markets
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Fees: | 1%
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Cusip: | 13608P285
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