CIBC plans market-linked autocallables on iShares MSCI Brazil ETF

By Emma Trincal

New York., May 8 – Canadian Imperial Bank of Commerce plans to price 0% market-linked securities – autocallable with contingent downside due May 22, 2023 linked to the iShares MSCI Brazil ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par of $10 plus an annualized call premium of 14% to 16% if the index closes at or above the initial level on any annual observation date. The actual call premium will be set at pricing.

If the notes are not called, the payout at maturity will be par, unless the ETF finishes below its threshold level, 70% of its initial level, in which case the payout will be par plus the return of the ETF with full exposure to any losses.

Wells Fargo Securities, LLC is the agent.

The notes will price on May 15 and settle on May 20.

The Cusip number is 13605WYD7.

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