By Cady Vishniac
Detroit, Dec. 22 – Canadian Imperial Bank of Commerce priced $3.34 million of 7.64% autocallable fixed-interest barrier notes due Dec. 23, 2021 linked to the shares of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par plus the coupon if the stock closes at or above the initial share price on any quarterly call observation date after six months.
If the stock falls below the 60% barrier price on any trading day during the life of the notes, a trigger event will have occurred.
The payout at maturity will be par unless a trigger event has occurred and the stock finishes below its initial price, in which case investors will receive a number of shares of Apple stock equal to $1,000 divided by the initial price or, at the issuer’s option, the cash value of those shares.
CIBC World Markets Corp. is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Trigger autocallable fixed interest notes
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| Underlying stock: | Apple Inc. (Symbol: AAPL)
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| Amount: | $3.34 million
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| Maturity: | Dec. 23, 2021
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| Coupon: | 7.64%, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par plus coupon unless a trigger event has occurred and the stock finishes below the initial price, in which case number of shares of Apple stock equal to $1,000 divided by the initial price or, at the issuer’s option, the cash value of those shares
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| Trigger event: | Stock falls below the barrier price on any trading day during the life of the notes
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| Call: | Automatically at par plus contingent coupon if stock closes at or above initial share price on June 16 or Sept. 16, 2021
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| Initial share price: | $127.88
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| Barrier price: | $76.73, 60% of initial share price
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| Pricing date: | Dec. 16
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| Settlement date: | Dec. 23
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| Agent: | CIBC World Markets Corp.
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| Fees: | 1.25%
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| Cusip: | 136071CA3
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