By Marisa Wong
Morgantown, W.Va., Feb. 1 – Canadian Imperial Bank of Commerce priced $1 million of contingent coupon autocallable notes due Jan. 29, 2021 linked to the lesser performing of 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 annual rate of 11.25% if each underlying fund closes at or above its 70% coupon barrier on the applicable semiannual observation date.
The notes will be called at par if each fund closes at or above its initial price on any semiannual valuation date other than the final date.
The payout at maturity will be par unless either fund finishes below its 70% barrier, in which case the payout will be par plus the return of the worse performing fund with full exposure to any losses.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying ETFs: | VanEck Vectors Gold Miners ETF and SPDR S&P Oil & Gas Exploration & Production ETF
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| Amount: | $1 million
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| Maturity: | Jan. 29, 2021
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| Coupon: | 11.25% annualized, payable semiannually if each fund closes at or above 70% coupon barrier on related semiannual observation date
|
| Price: | Par
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| Payout at maturity: | Par unless either fund falls by more than 30%, in which investors will receive par plus return of worse performing fund with 1% loss per 1% decline
|
| Call: | At par if each fund closes at or above its initial level on any semiannual valuation date other than the final date
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| Initial prices: | $24.13 for gold ETF and $38.91 for oil ETF
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| Coupon barriers: | $16.891 for gold ETF, $27.237 for oil ETF; 70% of initial prices
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| Pricing date: | Jan. 25
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| Settlement date: | Jan. 30
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| Agents: | CIBC World Markets Corp.
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| Fees: | 4%
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| Cusip: | 13605WJG7
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