By Wendy Van Sickle
Columbus, Ohio, Sept. 26 – Canadian Imperial Bank of Commerce priced $3.85 million of contingent coupon autocallable notes due Sept. 28, 2020 linked to the lowest performing of the common stocks of Constellation Brands, Inc., American Airlines Group Inc. and Johnson & Johnson, according to a 424B3 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.4% if each stock closes at or above its 60% coupon barrier on the observation date for that quarter.
After six months, the notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly valuation date.
The payout at maturity will be par plus any coupon unless any underlying stock finishes below its 60% trigger level, in which case investors will lose 1% for each 1% decline of the worst performing stock.
CIBC World Markets is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
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| Underlying stocks: | Constellation Brands, Inc., American Airlines Group Inc. and Johnson & Johnson
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| Amount: | $3,848,000
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| Maturity: | Sept. 28, 2020
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| Coupon: | 9.4% annualized, payable quarterly if each index closes at or above 60% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below barrier, in which par plus return of worst performing stock with 1% loss per 1% decline
|
| Call: | At par if each index closes at or above its initial level on any valuation date after six months
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| Initial levels: | $218.57 for Constellation, $41.89 for American Airlines and $141.98 for Johnson & Johnson
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| Barrier levels: | $131.14 for Constellation, $25.13 for American Airlines and $85.19 for Johnson & Johnson; 60% of initial levels
|
| Pricing date: | Sept. 20
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| Settlement date: | Sept. 27
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| Agents: | CIBC World Markets Corp.
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| Fees: | 3%
|
| Cusip: | 13605WMJ7
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