By Wendy Van Sickle
Columbus, Ohio, Aug. 30 – Canadian Imperial Bank of Commerce priced $333,000 of contingent coupon autocallable notes due Aug. 31, 2020 linked to the VanEck Vectors Gold Miners ETF, according to a 424B3 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 10.3% if the fund closes at or above its 75% coupon barrier on the observation date for that period.
The notes will be called at par if the fund closes at or above its initial level on any valuation date other than the final date.
The payout at maturity will be par plus the contingent coupon unless the fund finishes below its 75% barrier level, in which case investors will be fully exposed to any losses.
Janney Montgomery Scott is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
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| Underlying ETF: | VanEck Vectors Gold Miners
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| Amount: | $333,000
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| Maturity: | Aug. 31, 2020
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| Contingent payment: | 10.3% per year, payable each six months if ETF closes at or above coupon barrier level on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par, unless ETF finishes below barrier price, in which case 1% loss for each 1% decline
|
| Call: | Automatically at par if fund closes at or above its initial level on any valuation date other than final date
|
| Initial share price: | $24.26
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| Coupon barrier/barrier price: | $18.195, 75% of initial share price
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| Pricing date: | Aug. 28
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| Settlement date: | Aug. 31
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| Agents: | Janney Montgomery Scott
|
| Fees: | 2.25%
|
| Cusip: | 13605WEY3
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