By Kiku Steinfeld
Chicago, Nov. 30 – Canadian Imperial Bank of Commerce priced $5 million of 9% fixed-interest autocallable notes due Nov. 28, 2023 linked to the common stock of Amazon.com, Inc. and Shopify Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par plus the most recent coupon if each stock closes at or above its initial level on any quarterly call determination date.
If the notes are not called and the stocks finish at or above their trigger levels, 60% of their initial share prices, the payout at maturity will be par.
Otherwise, investors will receive a number of shares of the lesser performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Fixed-interest autocallable notes
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| Underlying stocks: | Amazon.com, Inc. and Shopify Inc.
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| Amount: | $5 million
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| Maturity: | Nov. 28, 2023
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| Coupon: | 9%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par if stocks finish at or above trigger levels; otherwise, fixed number of shares of lesser performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, cash equivalent
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| Call: | Automatically at par plus coupon if stocks close at or above initial levels on any quarterly call determination date
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| Initial levels: | $3,099.40 for Amazon and $988.51 for Shopify
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| Trigger levels: | $1,859.64 for Amazon and $593.11 for Shopify; 60% of initial levels
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| Pricing date: | Nov. 20
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| Settlement date: | Nov. 30
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| Agent: | CIBC World Markets Corp.
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| Fees: | 3.64%
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| Cusip: | 136071BV8
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