By Susanna Moon
Chicago, July 3 – Canadian Imperial Bank of Commerce priced $4.33 million of contingent coupon autocallable notes due July 2, 2020 linked to the common stock of United States Steel Corp., according to a 424B3 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 13.68% if the stock closes at or above its 60% coupon barrier on the observation date for that month.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any quarterly valuation date after six months.
The payout at maturity will be par plus any coupon unless the underlying stock finishes below its 60% trigger level, in which case investors will lose 1% for each 1% decline.
Janney Montgomery Scott is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying stock: | United States Steel Corp. (Symbol: X)
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| Amount: | $4.33 million
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| Maturity: | July 2, 2020
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| Coupon: | 13.68% annualized, payable monthly if index closes at or above 60% coupon barrier on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below barrier, in which par plus return with 1% loss per 1% decline
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| Call: | At par if index closes at or above its initial level on any valuation date beginning Sept. 27, 2018
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| Initial level: | $34.47
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| Barrier level: | $20.68, 60% of initial level
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| Pricing date: | June 27
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| Settlement date: | June 29
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| Agents: | Janney Montgomery Scott
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| Fees: | 2%
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| Cusip: | 13605WLS8
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