By William Gullotti
Buffalo, N.Y., Dec. 14 – Canadian Imperial Bank of Commerce priced $2 million of contingent income autocallable securities due Dec. 10, 2025 linked to Snap Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 20.06% if the stock closes at or above the 50% downside threshold on the corresponding determination date.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any quarterly determination date.
The payout at maturity will be par plus the final coupon unless the stock finishes below its 50% downside threshold, in which case investors will lose 1% for each 1% decline of the stock from its initial share price.
CIBC World Markets Corp. is the agent. Morgan Stanley Wealth Management is the dealer.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Contingent income autocallable securities
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Underlying stock: | Snap Inc.
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Amount: | $2 million
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Maturity: | Dec. 10, 2025
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Coupon: | 20.06% annualized, payable quarterly if stock closes at or above downside threshold level on the corresponding determination date
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Price: | Par of $10
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Payout at maturity: | If stock finishes at or above downside threshold, par plus final coupon; otherwise, full exposure to decline from initial share price
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Call: | At par plus contingent coupon if stock closes at or above initial level on any quarterly determination date
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Initial share price: | $14.30
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Downside threshold: | $7.15; 50% of initial level
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Strike date: | Dec. 4
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Pricing date: | Dec. 5
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Settlement date: | Dec. 8
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Agent: | CIBC World Markets Corp.
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Dealer: | Morgan Stanley Wealth Management
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Fees: | 2%
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Cusip: | 13607XPL5
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