By Wendy Van Sickle
Columbus, Ohio, Oct. 6 – Canadian Imperial Bank of Commerce priced $9 million of 0% autocallable barrier notes due Oct. 3, 2028 linked to the least performing of the S&P 500 index, the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus the 10.6% annualized premium if each index closes at or above its initial level on any annual observation date.
The amendment changed the payout at maturity.
The payout at maturity will be par plus the final 53% call premium, if any, if each index finishes at or above its 65% final call level. If either index falls more than 35% but both end above their 60% barrier levels, the payout will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Before the amendment, the middle scenario did not exist.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Autocallable barrier notes
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index
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| Amount: | $9 million
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| Maturity: | Oct. 3, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 53% final premium if each index finishes at or above final 65% call level; par if either index falls more than 35% but both end above 60% barrier levels; otherwise, full exposure to decline of the worst performer from initial level
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| Call: | Automatically at par plus 10.6% annualized premium if each index closes at or above initial level on any annual observation date
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| Initial levels: | 4,299.7 for S&P, 14,702.77 for Nasdaq
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| Final call levels: | 2,579.82 for S&P, 8,821.62 for Nasdaq, or 65% of initial levels
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| Pricing date: | Oct. 3
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| Settlement date: | Oct. 6
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0.3%
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| Cusip: | 13607XNJ2
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