By Wendy Van Sickle
Columbus, Ohio, April 2 – Canadian Imperial Bank of Commerce priced $11.45 million of 0% market-linked securities – autocallable with fixed percentage buffered downside due March 30, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a fixed call premium of 7.5% per year if the index closes at or above its initial level on any annual call observation date.
If the notes are not called at maturity, meaning the index has finished below its initial level, the payout will be par unless the index falls by more than 10%, in which case investors will be exposed to losses beyond 10%.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Market-linked securities – autocallable with fixed percentage buffered downside
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| Underlying index: | S&P 500 index
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| Amount: | $11.45 million
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| Maturity: | March 30, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par unless index falls by more than 10%, in which case lose 1% for every 1% decline beyond 10%
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| Call: | Automatically at par plus 7.5% annualized call premium if the index closes at or above the initial index level on any annual call observation date
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| Initial level: | 5,248.49
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| Threshold level: | 4,723.641; 90% of initial level
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| Pricing date: | March 27
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| Settlement date: | April 1
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| Underwriter: | Wells Fargo Securities, LLC
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| Fees: | 2.575%
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| Cusip: | 13607XQZ3
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