By Wendy Van Sickle
Columbus, Ohio, April 12 – Canadian Imperial Bank of Commerce priced $2.2 million of step-up callable notes due April 7, 2025, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate is 3% initially, stepping up to 3.125% on April 7, 2024 and to 3.25% on Oct. 7, 2024.
Interest is payable semiannually.
The notes are callable at par on any April 7 interest payment date.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Step-up callable notes
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| Amount: | $2.2 million
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| Maturity: | April 7, 2025
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| Coupon: | 3% initially, stepping up to 3.125% on April 7, 2024 and to 3.25% on Oct. 7, 2024; interest is payable semiannually
|
| Price: | Par
|
| Call: | Callable at par annually on April 7 of each year
|
| Payout at maturity: | Par
|
| Pricing date: | April 5
|
| Settlement date: | April 7
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 0.545%
|
| Cusip: | 13607X6B8
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