Chicago, Jan. 4 – Canadian Imperial Bank of Commerce priced $7.87 million of autocallable market-linked step up notes due Dec. 27, 2021 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called automatically at par plus an annualized call premium of 11.76% if the index closes at or above its initial level on Dec. 27, 2019 or Dec. 18, 2020.
If the index gains, the payout at maturity will be the return of the index with a minimum step up payment of 30% over par.
Otherwise, investors will be fully exposed to the losses of the index.
BofA Merrill Lynch is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Market-linked step up notes
|
| Underlying index: | Russell 2000
|
| Amount: | $7,874,090
|
| Maturity: | Dec. 27. 2021
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Call: | At par plus a call premium of 11.76% per year if the index closes at or above initial level on Dec. 27, 2019 or Dec. 18, 2020
|
| Payout at maturity: | If index gains, par plus index return with a minimum of 30% of par; otherwise, full exposure to losses
|
| Initial level: | 1,326.002
|
| Pricing date: | Dec. 20
|
| Settlement date: | Dec. 28
|
| Agent: | BofA Merrill Lynch
|
| Fees: | 2%
|
| Cusip: | 13606M268
|
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