CIBC plans contingent coupon autocallables on exchange-traded funds

By Devika Patel

Knoxville, Tenn., Dec. 31 – Canadian Imperial Bank of Commerce plans to price contingent coupon autocallable notes due Jan. 31, 2024 linked to the least performing of VanEck Vectors Gold Miners exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent monthly coupon at an annual rate of 10.5% if each ETF closes at or above its coupon barrier level, 60% of the initial level, on the observation date for that month.

The notes will be automatically called at par plus the contingent coupon if, on any semiannual call date beginning on July 26, 2019 and ending on July 26, 2023, the closing levels of both ETFs is greater than their respective initial levels.

The payout at maturity will be par plus the coupon unless either ETF finishes below its 60% principal barrier level, in which case investors will lose 1% for each 1% decline of the worst performing ETF from its initial level.

Jefferies LLC is the agent.

The notes (Cusip: 13605WPA3) are expected to price on Jan. 28 and settle on Jan. 31.

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