CIBC plans contingent coupon autocallables on VanEck Vectors Gold ETF

By Marisa Wong

Morgantown, W.Va., March 27 – Canadian Imperial Bank of Commerce plans to price contingent coupon autocallable notes due March 31, 2020 linked to the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at an annualized rate of 9% to 9.3% if the ETF closes at or above the barrier price, 60% of the initial price, on the valuation date for that quarter.

The notes will be called at par of $1,000 plus the contingent coupon if ETF shares close at or above the initial share price on any valuation date other than the final date.

The payout at maturity will be par plus the contingent coupon unless the ETF finishes below the 60% barrier level, in which case investors will be fully exposed to the ETF share price decline.

Janney Montgomery Scott is the agent.

The notes are expected to price March 28.

The Cusip number is 13605WCN9.

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