By Wendy Van Sickle
Columbus, Ohio, April 2 – Canadian Imperial Bank of Commerce priced $11.8 million of trigger autocallable contingent yield notes due March 29, 2029 linked to the least performing of the SPDR S&P MidCap 400 ETF and the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at the rate of 9.5% per year if each ETF closes at or above its coupon barrier, 70% of its initial level, on the related observation date.
The notes will be automatically called at par plus a coupon if the shares of each ETF close at or above its initial share price on any quarterly call observation date after one year.
If the notes are not called and the final share price of each ETF is greater than or equal to the downside threshold level, 60% of the initial share price, the payout at maturity will be par plus any final coupon.
Otherwise, investors will be fully exposed to the losses of the laggard ETF.
UBS Financial Services Inc. and CIBC Capital Markets are the agents.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Trigger autocallable contingent yield notes
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Underlying ETFs: | SPDR S&P MidCap 400 ETF and Energy Select Sector SPDR fund
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Amount: | $11.8 million
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Maturity: | March 29, 2029
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Coupon: | 9.5%, paid quarterly, if each ETF closes at or above its coupon barrier on any related observation date
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Price: | Par of $10.00
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Payout at maturity: | Par plus any final coupon unless any ETF finishes below downside threshold level, in which case full exposure to loss of laggard ETF
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Call: | Automatically at par plus coupon if each ETF closes at or above initial level on any quarterly call observation date after one year
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Initial levels: | $545.77 for SPDR S&P MidCap ETF, $93.26 for Energy Select ETF
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Coupon barrier levels: | $382.04 for SPDR S&P MidCap ETF, $65.28 for Energy Select ETF; 70% of initial levels
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Downside thresholds: | $327.46 for SPDR S&P MidCap ETF, $55.96 for Energy Select ETF; 60% of initial levels
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Pricing date: | March 26
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Settlement date: | March 28
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Agents: | UBS Financial Services Inc. and CIBC Capital Markets
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Fees: | 2%
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Cusip: | 13608Q101
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