Published on 10/26/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $3.12 million issuer callable contingent coupon barrier notes on three stocks
By William Gullotti
Buffalo, N.Y., Oct. 26 – Canadian Imperial Bank of Commerce priced $3.12 million issuer callable contingent coupon barrier notes due Oct. 26, 2026 tied to the stock performance of Apple Inc., Amazon.com, Inc. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 14.64% if all stocks close above their 50% coupon barrier on the corresponding observation date.
The notes may be called at par plus any coupon due at the option of the issuer on any monthly coupon payment date after three months.
Investors will receive par plus the contingent coupon if the final level of the least performing stock is above the 50% trigger level.
Otherwise, investors will be fully exposed to the worst performer’s decline from its initial level.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Issuer callable contingent coupon barrier note
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| Underlying stocks: | Amazon.com, Inc., Apple Inc., Tesla, Inc.
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| Amount: | $3,118,000
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| Maturity: | Oct. 26, 2026
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| Coupon: | 14.64% per year, paid monthly if all stocks close at or above their respective coupon barriers on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any stock finishes below trigger level; otherwise full exposure to decline of least performing stock from its initial level
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| Call option: | At par plus any coupon due at the option of the issuer on any monthly coupon payment date after three months
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| Initial levels: | $3,435.01 for Amazon, $894.00 for Tesla, $149.48 for Apple
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| Coupon barrier levels: | $1,717.51 for Amazon, $447.00 for Tesla, $74.74 for Apple; 50% of initial levels
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| Trigger levels: | $1,717.51 for Amazon, $447.00 for Tesla, $74.74 for Apple; 50% of initial levels
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| Pricing date: | Oct. 21
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| Settlement date: | Oct. 26
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0.25%
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| Cusip: | 13605W7D7
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