By Sarah Lizee
Olympia, Wash., July 15 – Canadian Imperial Bank of Commerce priced $6.62 million of autocallable market-linked step-up notes due July 29, 2022 tied to the S&P 500 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 7.93% 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, 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%.
Investors will lose 1% for each 1% decline.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
|
Issue: | Autocallable market-linked step-up notes
|
Underlying index: | S&P 500
|
Amount: | $6,623,930
|
Maturity: | July 29, 2022
|
Coupon: | 0%
|
Price: | Par of $10
|
Payout at maturity: | If the index finishes above the step-up level, par plus the index gain; if the index gains up to the step-up level, par plus 21%; investors will lose 1% for each 1% decline
|
Call: | At par plus 7.93% per year if the index closes at or above its initial level on any annual observation date
|
Initial level: | 2,999.91
|
Step-up value: | 3,629.89, 121% of initial level
|
Pricing date: | July 11
|
Settlement date: | July 19
|
Underwriter: | BofA Securities, Inc.
|
Fees: | 2%
|
Cusip: | 13607G690
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.