By Wendy Van Sickle
Columbus, Ohio, Nov. 21 – Canadian Imperial Bank of Commerce priced $4.26 million of contingent coupon autocallable notes due Nov. 22, 2022 linked to the lesser performing of the VanEck Vectors Gold Miners exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B3 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annualized rate of 10.0008% if each underlying component closes at or above its 60% coupon barrier on the observation date for that month.
The notes will be called at par if each fund closes at or above its initial level on any of the five trading days prior to any semiannual call valuation date.
The payout at maturity will be par unless either underlying component finishes below its 60% barrier level, in which case investors will be fully exposed to the decline of the worse performing fund.
Jefferies LLC is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
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| Underlying assets: | VanEck Vectors Gold Miners ETF and the SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $4,259,000
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| Maturity: | Nov. 22, 2022
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| Contingent coupon: | 10.0008% per year, payable monthly if each underlying component closes at or above 60% coupon barrier on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | If each underlying component finishes at or above barrier, par; otherwise, full exposure to losses of worse performing fund
|
| Call: | At par if each fund closes at or above its initial level on any of the five trading days prior to any semiannual call valuation date
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| Initial levels: | $22.54 for gold fund, $34.58 for oil fund
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| Barrier levels: | $13.524 for gold fund, $20.748 for oil fund; 60% of initial levels
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| Pricing date: | Nov. 20
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| Settlement date: | Nov. 22
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| Agents: | Jefferies LLC
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| Fees: | 4.1%
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| Cusip: | 13605WGS4
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