By Wendy Van Sickle
Columbus, Ohio, Dec. 19 – Canadian Imperial Bank of Commerce priced $22.42 million of contingent coupon autocallable buffered notes due Dec. 20, 2027 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a semiannual coupon at an annualized rate of 8.93% if the index closes at or above its coupon barrier level, 80% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if the index closes at or above its initial level on any semiannual observation date after one year.
The payout at maturity will be par plus the final coupon unless the index finishes below its 80% buffer level, in which case investors will lose 1.25% for every 1% decline of the index below the buffer.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable buffered notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $22,423,000
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| Maturity: | Dec. 20, 2027
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| Coupon: | 8.93% per year, payable semiannually if the index closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon unless the index finishes below buffer level, in which case 1.25% loss for every 1% decline of the index below the buffer
|
| Call: | At par plus coupon if the index closes at or above initial level on any semiannual observation date after one year
|
| Initial level: | 4,719.19
|
| Coupon barrier level: | 3,775.35; 80% of initial level
|
| Buffer level: | 3,775.35; 80% of initial level
|
| Pricing date: | Dec. 15
|
| Settlement date: | Dec. 20
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | None
|
| Cusip: | 13607XP92
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