By Marisa Wong
Morgantown, W.Va., June 27 – Canadian Imperial Bank of Commerce priced $250,000 of 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 8.5% 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.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
|
| Underlying ETF: | VanEck Vectors Gold Miners ETF
|
| Amount: | $250,000
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| Maturity: | June 29, 2020
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| Coupon: | 8.5% per year, payable semiannually if ETF closes at or above barrier price on determination date for semiannual period
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless ETF finishes below barrier price, in which case full exposure to losses
|
| Call: | At par if ETF closes at or above its initial level on any valuation date except the final one
|
| Initial price: | $22.36
|
| Barrier price: | $16.21, 72.5% of initial price
|
| Pricing date: | June 22
|
| Settlement date: | June 27
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 3%
|
| Cusip: | 13605WDT5
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