By Kiku Steinfeld
Chicago, May 27 – Canadian Imperial Bank of Commerce priced $3 million of contingent coupon autocallable notes with memory coupon feature due May 25, 2021 linked to the common shares of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 18% plus any previously unpaid contingent coupon payments if the stock closes at or above its 70% coupon barrier on the related 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 70% barrier, in which case investors will lose 1% for each 1% decline of the stock.
Jefferies LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes with memory coupon feature
|
| Underlying stock: | Bank of America Corp.
|
| Amount: | $2,995,000
|
| Maturity: | May 25, 2021
|
| Coupon: | 18% annualized, payable quarterly plus any previously unpaid contingent coupon payments if each stock closes at or above coupon barrier on related determination date
|
| Price: | Par
|
| Call: | At par plus contingent coupon and any previously unpaid contingent coupon payments if stock closes at or above its initial level on any quarterly determination date
|
| Payout at maturity: | Par plus final coupon and any previously unpaid contingent coupon payments unless stock finishes below barrier level, in which case full exposure to stock decline
|
| Initial level: | $22.91
|
| Coupon barrier: | $16.04, 70% of initial level
|
| Barrier level: | $16.04, 70% of initial level
|
| Pricing date: | May 21
|
| Settlement date: | June 1
|
| Agent: | Jefferies LLC
|
| Fees: | 2%
|
| Cusip: | 13605WYQ8
|
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