By William Gullotti
Buffalo, N.Y., April 30 – Canadian Imperial Bank of Commerce priced $3.46 million of trigger autocallable contingent yield notes due April 25, 2025 linked to the stock performance of Prudential Financial, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at the rate of 10.25% per year if the stock closes at or above its trigger, 80% of its initial level, on the related observation date.
The notes will be automatically called at par plus coupon if the stock closes at or above its initial level on any quarterly call observation date.
If the notes are not called and the stock finishes at or above its trigger level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will receive a number of shares per note equal to $1,000 divided by the stock’s initial level.
UBS Financial Services Inc. and CIBC Capital Markets are the agents.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying stock: | Prudential Financial, Inc.
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| Amount: | $3,455,000
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| Maturity: | April 25, 2025
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| Coupon: | 10.25% per year, paid quarterly, if the stock closes at or above its trigger on the related observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless the stock finishes below trigger level, in which case receive 9.3153 shares per note
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| Call: | Automatically at par plus coupon if the stock closes at or above initial level on any quarterly call observation date
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| Initial level: | $107.35
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| Trigger level: | $85.88; 80% of initial level
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| Pricing date: | April 17
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| Settlement date: | April 22
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| Agents: | UBS Financial Services Inc. and CIBC Capital Markets
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| Fees: | 1.5%
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| Cusip: | 13608Q309
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