By Wendy Van Sickle
Columbus, Ohio, April 29 – Canadian Imperial Bank of Commerce priced $10.15 million of 7.57% trigger callable yield notes due Aug. 1, 2023 linked to the Invesco QQQ Trust, series 1 and the iShares Russell 2000 Value ETF, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes are callable at par of $10 on any monthly coupon payment date after three months.
The payout at maturity will be par unless the lowest performing ETF finishes below its 60% downside threshold level, in which case investors will be fully exposed to that ETF’s decline from its initial level.
CIBC World Markets Corp. and UBS Financial Services Inc. are the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Trigger callable yield notes
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| Underlying funds: | Invesco QQQ Trust, series 1, iShares Russell 2000 Value ETF
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| Amount: | $10.15 million
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| Maturity: | Aug. 1, 2023
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| Coupon: | 7.57%, payable monthly
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| Price: | Par of $10
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| Payout at maturity: | If the lowest performing ETF finishes at or above downside threshold level, par; otherwise, full exposure to decline of lowest performing ETF from initial level
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| Call option: | At par on any monthly call date after three months
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| Initial levels: | $317.14 for QQQ, $187.74 for Russell ETF
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| Downside threshold levels: | $190.28 for QQQ, $112.64 for Russell ETF; 60% of initial levels
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| Strike date: | April 26
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| Pricing date: | April 27
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| Settlement date: | April 29
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| Agents: | CIBC World Markets Corp. and UBS Financial Services Inc.
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| Fees: | 1%
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| Cusip: | 13608J784
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