By Susanna Moon
Chicago, May 31 – Canadian Imperial Bank of Commerce priced $523,000 of autocallable contingent coupon barrier notes due May 30, 2023 linked to the lesser performing of the VanEck Vectors Gold Miners ETF and the SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent semiannual coupon at an annual rate of 9% if each 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 level on any quarterly observation date after six months.
The payout at maturity will be par unless either fund finishes below its 60% trigger level, in which case investors will be fully exposed to any losses of the worse performing fund.
Jefferies LLC is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying assets: | VanEck Vectors Gold Miners ETF and SPDR S&P Oil & Gas Exploration & Production ETF
|
| Amount: | $523,000
|
| Maturity: | May 30, 2023
|
| Coupon: | 9% annualized, payable semiannually if each fund closes at or above 60% coupon barrier on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund finishes below 60% trigger, in which case 1% loss per 1% decline of worse performing fund
|
| Call: | At par if each fund closes at or above initial level on any quarterly observation date beginning Nov. 26, 2018
|
| Initial levels: | $22.65 for gold fund and $42.21 for oil fund
|
| Barrier levels: | $13.59 for gold fund and $25.33 for oil fund, 60% of initial levels
|
| Pricing date: | May 24
|
| Settlement date: | May 30
|
| Agent: | Jefferies LLC
|
| Fees: | 3.5%
|
| Cusip: | 13605WKY6
|
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