Published on 9/25/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $3.67 million callable contingent market-linked notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, Sept. 25 – Canadian Imperial Bank of Commerce priced $3.67 million of market-linked securities due June 24, 2027 – callable with contingent coupon with daily observation and contingent downside linked to the least performing of the Russell 2000 index, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.1% if each index closes at or above its 70% coupon threshold on every trading day during the observation period.
The notes may be called at par plus any coupon otherwise due on any quarterly valuation date.
The payout at maturity will be par unless any index finishes below its 60% downside threshold, in which case investors will be fully exposed to the decline of the worst performing index from its initial level.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Market linked securities – callable with contingent coupon with daily observation and contingent downside
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| Underlying indexes: | Russell 2000 index, S&P 500 index, Nasdaq-100 index
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| Amount: | $3,672,000
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| Maturity: | June 24, 2027
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| Coupon: | 10.1% annualized, payable quarterly if each index closes at or above coupon threshold on every trading day during the observation period
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| Price: | Par
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| Payout at maturity: | Par unless any index falls by more than 40%, in which case 1% loss per 1% decline of the worst performing index from its initial level
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| Call option: | At par plus any coupon otherwise due on any quarterly valuation date
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| Initial levels: | 1,781.826 for Russell, 4,330.0 for S&P, 14,694.24 for Nasdaq
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| Coupon threshold: | 1,247.2782 for Russell, 3,031.0 for S&P, 10,285.968 for Nasdaq; 70% of initial levels
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| Downside threshold: | 1,069.0956 for Russell, 2,598.0 for S&P, 8,816.544 for Nasdaq; 60% of initial levels
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| Pricing date: | Sept. 21
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| Settlement date: | Sept. 26
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 1.525%
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| Cusip: | 13607XNC7
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