CIBC plans 9% contingent coupon autocalls tied to gold, oil funds

By Susanna Moon

Chicago, July 9 – Canadian Imperial Bank of Commerce plans to price contingent coupon autocallable yield notes due July 31, 2023 linked to the worse performing of the VanEck Vectors Gold Miners ETF and SPDR S&P Oil & Gas Exploration & Production ETF, according to a 424B3 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 9% if each underlying asset closes at or above its 60% coupon barrier on each trading day for that quarter.

The notes are called at par if each fund closes at or above its initial level on any semiannual determination date beginning July 24, 2019.

The payout at maturity will be par unless either underlying fund ever closes below its 60% knock-in level during the life of the notes, in which case investors will be fully exposed to any losses of the worse performing fund.

Jefferies LLC is the agent.

The notes will price on July 26.

The Cusip number is 13605WLT6.

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