CIBC to price contingent coupon autocallable notes tied to two funds

By Devika Patel

Knoxville, Tenn., April 24 – Canadian Imperial Bank of Commerce plans to issue contingent coupon autocallable notes due April 28, 2023 linked to the Vaneck Vectors Gold Miners exchange-traded fund and the SPDR S&P Oil & Gas Exploration & Production exchange-traded fund, according to a 424B3 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an expected annual rate of 10% if each fund closes at or above its coupon barrier level, 65% of the initial level, on the observation date for that quarter.

The notes will be automatically called at par plus the contingent coupon if, on any semiannual call date beginning on April 23, 2019, the closing levels of both funds is greater than their respective initial levels.

The payout at maturity will be par plus any coupon unless either of the funds finishes at or below its 55% principal barrier level, in which case investors will lose 1% for each 1% decline of the worst performing fund from its initial level.

Jefferies & Co. is the agent.

The notes (Cusip: 13605WKP5) are expected to price April 25 and settle April 30.

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