By Wendy Van Sickle
Columbus, Ohio, April 6 – Canadian Imperial Bank of Commerce priced $3.76 million of 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% 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.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
|
| Underlying ETF: | VanEck Vectors Gold Miners
|
| Amount: | $3,763,000
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| Maturity: | March 31, 2020
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| Coupon: | 9% per year, payable quarterly if ETF closes at or above its coupon barrier, 60% of the initial level, on observation date
|
| Price: | Par
|
| Payout at maturity: | Par, unless ETF finishes below barrier level; otherwise, full exposure to decline of ETF Call: | Automatically called at par plus contingent coupon if each index closes at or above initial level on any semiannual valuation date
|
| Initial level: | $22.81
|
| Barrier level: | $13.686; 60% of initial level
|
| Pricing date: | March 28
|
| Settlement date: | March 31
|
| Agent: | Janney Montgomery Scott LLC
|
| Fees: | 2.75%
|
| Cusip: | 13605WCN9
|
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