New York, Dec. 16 – Canadian Imperial Bank of Commerce priced $5.5 million of 0% enhanced return notes due June 20, 2019 linked to the lowest performing of the VanEck Vectors Gold Miners exchange-traded fund and the SPDR S&P Metals and Mining exchange-traded fund, according to a 424B2 filed with the Securities and Exchange Commission.
If both ETFs gain, the payout at maturity will be par plus 1.88 times the return of the lowest performing fund.
If the lowest performing ETF declines from its initial level but finishes at or above 75% of its initial level the payout will be par.
Otherwise the payout will reflect the decline in the lowest performing ETF from its initial level.
Jefferies LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Enhanced return notes
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| Underlying ETFs: | VanEck Vectors Gold Miners exchange-traded fund and the SPDR S&P Metals and Mining exchange-traded fund
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| Amount: | $5.5 million
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| Maturity: | June 20, 2019
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Based on return of lowest performing ETF: 1.88 times any gain, par for decline of up to 25%, full exposure to loss if decline is more than 25%
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| Initial levels: | $22.16 for Gold Miners, $33.54 for Metals and Mining
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| Principal barrier price: | $16.62 for Gold Miners, $22.155 for Metals and Mining; 75% of initial levels
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| Pricing date: | Dec. 13
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| Settlement date: | Dec. 20
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| Agent: | Jefferies LLC
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| Fees: | 2.5%
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| Cusip: | 13605WHL8
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