By William Gullotti
Buffalo, N.Y., Feb. 2 – Canadian Imperial Bank of Commerce priced $44.38 million of 6.55% fixed interest autocallable buffered notes due Feb. 3, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be paid semiannually.
The notes will be automatically called if the index closes at or above the initial index level on any semiannual observation date after one year.
If the notes are not called and the index finishes at or above its 80% buffer level, the payout at maturity will be par.
Otherwise, investors will lose 1.25% for each 1% decline beyond 20%.
CIBC World Markets Corp. is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Fixed interest autocallable buffered notes
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| Underlying index: | S&P 500
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| Amount: | $44.38 million
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| Maturity: | Feb. 3, 2028
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| Coupon: | 6.55%, payable semiannually
|
| Price: | Par
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| Payout at maturity: | If the notes are not called and the index finishes at or above buffer level, par; otherwise, 1.25% loss for each 1% loss beyond 20%
|
| Call: | Automatically at par if the index closes at or above the initial index level on any semiannual observation date after one year
|
| Initial level: | 4,845.65
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| Buffer level: | 3,876.52; 80% of initial level
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| Pricing date: | Jan. 31
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| Settlement date: | Feb. 5
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| Agent: | CIBC World Markets Corp.
|
| Fees: | 0%
|
| Cusip: | 13607XQ59
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