By Wendy Van Sickle
Columbus, Ohio, Aug. 7 – Canadian Imperial Bank of Commerce priced $2.24 million of 0% market-linked securities – autocallable with fixed percentage buffered downside due Aug. 5, 2022 linked to 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 annual call premium of 10.2% if the ETF closes at or above its initial level on any annual observation date.
The payout at maturity will be par unless the ETF falls by more than 10%, in which case investors will be exposed to any losses beyond 10%.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market linked securities – autocallable with fixed percentage buffered downside
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Underlying ETF: | VanEck Vectors Gold Miners ETF
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Amount: | $2.24 million
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Maturity: | Aug. 5, 2022
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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 exposure to any losses beyond 10%
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Call: | At par plus an annual call premium of 10.2% if ETF closes at or above its initial level on any annual observation date
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Initial ETF level: | $26.50
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Threshold level: | $23.85, 90% of initial level
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Pricing date: | July 31
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Settlement date: | Aug. 5
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Agent: | Wells Fargo Securities LLC
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Fees: | 3.15%
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Cusip: | 13605WRN3
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