By Wendy Van Sickle
Columbus, Ohio, March 25 – Canadian Imperial Bank of Commerce priced $2 million of contingent coupon autocallable buffered notes due March 10, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 7.25% if the index closes above its coupon barrier, 80% of its initial level, on the related observation date.
The notes will be automatically called if the index closes at or above the initial index level on any semiannual observation date starting March 7, 2022.
If the notes are not called and the index return is positive, the payout at maturity will be par. Investors will receive par if the index falls by up to 20% and will lose 1.25% for each 1% loss beyond 20%.
CIBC World Markets Corp. is the underwriter.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Contingent coupon autocallable buffered notes
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Underlying index: | S&P 500
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Amount: | $2 million
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Maturity: | March 10, 2025
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Coupon: | 7.25%, payable semiannually if index closes above 80% coupon barrier on observation date
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Price: | Par of $1,000
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Payout at maturity: | If the notes are not called and the index return is positive, par; par if the index falls by up to 20%; 1.25% loss for each 1% loss beyond 20%
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Call: | Automatically at par if the index closes at or above the initial index level on any semiannual observation date starting March 7, 2022
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Initial level: | 3,841.94
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Buffer level: | 3,073.755, 80% of initial level
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Pricing date: | March 5
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Settlement date: | March 10
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Agent: | CIBC World Markets Corp.
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Fees: | 0%
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Cusip: | 13605WZ79
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