CIBC plans contingent coupon autocallables linked to gold, oil funds

By Susanna Moon

Chicago, June 20 – 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 and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent semiannual coupon at an annualized rate of 11% to 12% if each fund closes at or above the 60% coupon barrier on the valuation date for that period.

The notes will be called at par plus the contingent coupon if each fund closes 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 either fund finishes below the 60% barrier level, in which case investors will be fully exposed to any losses of the worse performing fund.

CIBC World Markets Corp. is the agent.

The notes will price on June 23.

The Cusip number is 13605WDP3.

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