By William Gullotti
Buffalo, N.Y., Aug. 16 – Canadian Imperial Bank of Commerce priced $4.82 million of autocallable market-linked step-up notes due Aug. 29, 2025 tied to the Russell 1000 Value index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 10% if the index closes at or above the initial level on any annual observation date.
If the notes are not called and the index finishes above the step-up value, 130% of the initial level, the payout at maturity will be par plus the index gain.
If the index finishes flat or gains up to the step-up value, the payout will be par plus the step-up return of 30%.
Investors will be fully exposed to any index decline.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Autocallable market-linked step-up notes
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Underlying index: | Russell 1000 Value index
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Amount: | $4,822,920
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Maturity: | Aug. 29, 2025
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If the index finishes above the step-up level, par plus the index gain; if the index finishes flat or gains up to the step-up level, par plus 30%; otherwise, 1% loss for each 1% decline from initial level
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Call: | At par plus 10% per year if the index closes at or above its initial level on any annual observation date
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Initial level: | 1,551.56
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Step-up value: | 2,017.028; 130% of initial level
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Pricing date: | Aug. 11
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Settlement date: | Aug. 18
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Agent: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 13607W489
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