By Sarah Lizee
Olympia, Wash., July 20 – Canadian Imperial Bank of Commerce priced $1.9 million of 8.7% fixed-interest autocallable notes due July 24, 2023 linked to the common stock of Verizon Communications Inc. and Walmart Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
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 determination date.
If the notes are not called and the stocks finish at or above their initial levels or have not closed below their trigger levels, 70% of their initial share prices, during the life of the notes, 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: | Verizon Communications Inc. and Walmart Inc.
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| Amount: | $1.9 million
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| Maturity: | July 24, 2023
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| Coupon: | 8.7%, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par if stocks finish at or above initial level or never closes below trigger level during life of notes; otherwise, a number of shares of 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
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| Call: | Automatically at par plus coupon if stocks close at or above its initial level on any quarterly determination date
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| Initial levels: | $55.06 for Verizon and $132.00 for Walmart
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| Trigger levels: | $38.54 for Verizon and $92.40 for Walmart; 70% of initial level
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| Pricing date: | July 16
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| Settlement date: | July 23
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| Agent: | CIBC World Markets Corp.
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| Fees: | 1.25%
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| Cusip: | 136071BR7
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