New Issue: CIBC sells $1.23 million autocallable market-linked notes tied to S&P

By Sarah Lizee

Olympia, Wash., Dec. 7 – Canadian Imperial Bank of Commerce priced $1.23 million of 0% market-linked securities – autocallable with fixed percentage buffered downside due Dec. 5, 2022 linked to the S&P 500 index, according to a 424B3 filing with the Securities and Exchange Commission.

The notes will be called at par plus an annualized call premium of 6.6% if the index closes at or above the initial level on Dec. 5, 2019, Dec. 7, 2020, Dec. 6, 2021 or Nov. 28, 2022.

If the index declines by up to 10%, the payout at maturity will be par.

Otherwise, investors will lose 1% for every 1% decline beyond 10%.

Wells Fargo Securities, LLC is the agent.

Issuer:	Canadian Imperial Bank of Commerce
Issue:	Market-linked securities – autocallable with fixed percentage buffered downside
Underlying index:	S&P 500
Amount:	$1,233,000
Maturity:	Dec. 5, 2022
Coupon:	0%
Price:	Par
Call:	At par plus a call premium of 6.6% per year if the index closes at or above initial level on Dec. 5, 2019, Dec. 7, 2020, Dec. 6, 2021 or Nov. 28, 2022
Payout at maturity:	If the final index falls by up to 10%, par; 1% loss for each 1% decline beyond 10%
Initial level:	2,760.17
Buffer level:	2,484.153, 90% of initial level
Pricing date:	Nov. 30
Settlement date:	Dec. 5
Agent:	Wells Fargo Securities, LLC
Fees:	2.825%
Cusip:	13605WNB3

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.