CIBC plans contingent coupon autocallables on VanEck Vectors Gold ETF

By Marisa Wong

Morgantown, W.Va., June 19 – Canadian Imperial Bank of Commerce plans to price contingent coupon autocallable notes due June 29, 2020 linked to the VanEck Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent semiannual coupon at an annualized rate of 8.3% to 8.7% if the ETF closes at or above the barrier price, 72.5% of the initial price, on the applicable semiannual valuation date.

The notes will be called at par of $1,000 plus the contingent coupon if the 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 72.5% barrier level, in which case investors will be fully exposed to the ETF share price decline.

CIBC World Markets Corp. is the agent.

The notes are expected to price June 22.

The Cusip number is 13605WDT5.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.