CIBC plans autocallable market-linked step-up notes linked to S&P

By Angela McDaniels

Tacoma, Wash., July 11 – Canadian Imperial Bank of Commerce plans to price autocallable market-linked step-up notes due June 2022 linked to the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.

The notes will be called at par of $10 plus a call premium if the index closes at or above the initial level on either annual observation date. The call premium is expected to be 7.5% to 8.5% per year and will be set at pricing.

If the notes are not called and the index finishes above the step-up value, 121% of the initial level, the payout at maturity will be par plus the index gain.

If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 21%.

If the index finishes below the initial level, investors will be exposed to the decline.

BofA Securities, Inc. is the agent.

The notes will price and settle in July.

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