By Wendy Van Sickle
Columbus, Ohio, Feb. 21 – Canadian Imperial Bank of Commerce priced $9.21 million of contingent coupon autocallable notes due Feb. 22, 2022 linked to the lowest performing of the ordinary shares of Mylan NV and the common stocks of AbbVie Inc. and McKesson Corp., according to a 424B3 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12% if each stock closes at or above its 50% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any coupon observation date.
The payout at maturity will be par plus the coupon unless any underlying stock finishes below its 50% principal barrier price, in which case investors will be fully exposed to the losses of the worst performing stock.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
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| Underlying stocks: | Mylan NV, AbbVie Inc. and McKesson Corp.
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| Amount: | $9,205,000
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| Maturity: | Feb. 22, 2022
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| Coupon: | 12% annualized, payable quarterly if each index closes at or above 50% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless any stock finishes below barrier, in which full exposure to losses of worst performing stock
|
| Call: | At par if each index closes at or above initial level on any coupon observation date
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| Initial levels: | $21.64 for Mylan, $95.35 for AbbVie and $167.91 for McKesson
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| Barrier levels: | $10.82 for Mylan, $47.68 for AbbVie and $83.96 for McKesson, 50% of initial levels
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| Pricing date: | Feb. 13
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| Settlement date: | Feb. 21
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| Agents: | CIBC World Markets Corp.
|
| Fees: | 3%
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| Cusip: | 136071BL0
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