Chicago, Aug. 8 – Canadian Imperial Bank of Commerce priced $5 million of autocallable contingent coupon (with memory) notes due Aug. 3, 2026 tied to a basket of three metals and mining industry stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the stocks of Freeport-McMoRan Inc. with a 33.34% weight, Newmont Corp. with a 33.33% weight and Nucor Corp. with a 33.33% weight.
The notes will pay a coupon at an annual rate of 12% if the basket closes above its 80% coupon barrier on any quarterly observation date. Previously unpaid coupons will also be paid.
The notes will be called at par if the basket closes at or above its initial level on any quarterly call observation date starting after one year.
At maturity, if the basket finishes above its 80% threshold value the payout will be par.
Otherwise, investors will be fully exposed to the losses of the basket.
BofA Securities, Inc. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable contingent coupon (with memory) notes
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| Underlying stocks: | Freeport-McMoRan Inc. (33.34% weight), Newmont Corp. (33.33% weight), Nucor Corp. (33.33% weight)
|
| Amount: | $5,000,000
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| Maturity: | Aug. 3, 2026
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| Coupon: | 12% annual rate, payable quarterly if basket closes above coupon barrier on related observation date; previously unpaid coupons will also be paid
|
| Price: | Par of $10
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| Payout at maturity: | If basket finishes above threshold value, par; otherwise, full exposure to losses of basket
|
| Call: | Automatically at par if the basket closes at or above its initial level on any quarterly call observation date starting after one year
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| Initial levels: | $43.41 for Freeport, $43.45 for Newmont, $168.91 for Nucor
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| Coupon barrier level: | 80% of initial level
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| Threshold level: | 80% of initial level
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| Pricing date: | July 26
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| Settlement date: | Aug. 2
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| Agent: | BofA Securities, Inc.
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| Fees: | 1%
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| Cusip: | 13608M472
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