By Taylor Fox
New York, Feb. 22 – Canadian Imperial Bank of Commerce priced $1.45 million of 0% market-linked autocallable securities with fixed percentage buffered downside due Feb. 5, 2025 linked to the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a fixed call premium of 10% per year if the fund closes at or above the initial fund level on any annual call observation date.
If note called, meaning the ETF has finished below its initial level, the payout at maturity will be par unless the fund falls by more than 10% in which case investors will be exposed to losses beyond the 10% buffer.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market-linked autocallable securities with fixed-percentage buffered downside
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Underlying fund: | VanEck Vectors Gold Miners ETF
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Amount: | $1,447,000
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Maturity: | Feb. 5, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If not called, par unless fund falls by more than 10% in which case exposure to losses beyond 10% buffer
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Call: | Automatically at par plus 10% per year fixed call premium if the fund closes at or above the initial fund level on any annual call observation date
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Initial level: | $34.51
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Threshold level: | $31.059, 90% of initial level
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Pricing date: | Jan. 29
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Settlement date: | Feb. 3
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Agent: | Wells Fargo Securities, LLC
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Fees: | 2.925%
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Cusip: | 13605WU66
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