By Wendy Van Sickle
Columbus, Ohio, Nov. 11 – Canadian Imperial Bank of Commerce priced $599,000 of market-linked securities due Aug. 4, 2025 – autocallable with contingent coupon and contingent downside linked to the performance of the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annualized call premium of 7.25% if the ETF closes at or above the initial level on any annual observation date.
If the notes are not called, the payout at maturity will be par unless the ETF finishes below its 90% downside threshold, in which case the payout will be par plus the return of the ETF with full exposure to any losses.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Market linked securities – autocallable with contingent downside
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| Underlying ETF: | VanEck Vectors Gold Miners ETF
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| Amount: | $599,000
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| Maturity: | Aug. 4, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par unless ETF falls by more than 10%, in which case 1% loss per 1% decline of ETF
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| Call: | At par plus 7.25% per year if the ETF closes at or above its initial level on any annual observation date
|
| Initial levels: | $34.92
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| Downside threshold: | $31.428; 90% of initial levels
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| Pricing date: | July 30
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| Settlement date: | Aug. 4
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 2.445%
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| Cusip: | 13605W4P3
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