By Marisa Wong
Morgantown, W.Va., Feb. 12 – Canadian Imperial Bank of Commerce priced $3 million of contingent coupon autocallable notes due Feb. 15, 2024 linked to the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.84% if the ETF closes at or above its 80% coupon barrier on the related quarterly observation date.
The notes will be called at par plus the contingent coupon if the ETF closes at or above its initial level on any quarterly valuation date beginning Feb. 11, 2020 and ending on Nov. 13, 2023.
The payout at maturity will be par plus any coupon unless the underlying ETF finishes below its 65% barrier, in which case investors will lose 1% for each 1% decline of the fund.
CIBC World Markets is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying ETF: | SPDR S&P Biotech ETF
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| Amount: | $3 million
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| Maturity: | Feb. 15, 2024
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| Coupon: | 11.84% annualized, payable each quarter that ETF closes at or above coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless ETF finishes below barrier price, in which case full exposure to ETF decline
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| Call: | At par if ETF closes at or above its initial price on any quarterly valuation date beginning Feb. 11, 2020 and ending on Nov. 13, 2023
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| Initial price: | $83.08
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| Coupon barrier: | $66.46, 80% of initial price
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| Barrier price: | $54.00, 65% of initial price
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| Pricing date: | Feb. 11
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| Settlement date: | Feb. 14
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| Agents: | CIBC World Markets Corp.
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| Fees: | None
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| Cusip: | 13605WPT2
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