By Susanna Moon
Chicago, Feb. 2 – Canadian Imperial Bank of Commerce priced $1.07 million of contingent coupon autocallable notes due Jan. 31, 2023 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 9% if each underlying fund closes at or above its 60% coupon barrier on the observation date for that period.
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 60% 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
|
| Issue: | Contingent coupon autocallable notes
|
| Underlying funds: | VanEck Vectors Gold Miners ETF and SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $1,065,000
|
| Maturity: | Jan. 31, 2023
|
| Coupon: | 9% annualized, payable semiannually if each fund closes at or above 60% coupon barrier observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund falls by more than 40%, 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
|
| Initial levels: | $24.35 for gold fund and $39.06 for oil fund
|
| Barrier levels: | $14.61 for gold fund and $23.436 for oil fund; 60% of initial levels
|
| Pricing date: | Jan. 26
|
| Settlement date: | Jan. 31
|
| Agents: | CIBC World Markets Corp.
|
| Fees: | 4%
|
| Cusip: | 13605WHN4
|
|
|
|
|
© 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.
