Published on 8/8/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $45.51 million trigger callable contingent yield notes with daily observation
By Wendy Van Sickle
Columbus, Ohio, Aug. 8 – Canadian Imperial Bank of Commerce priced $45.51 million of trigger callable contingent yield notes with daily coupon observation due May 7, 2026 linked to the worst performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 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 11.28% if each index’s closing level is at least 70% of its initial level on every trading day during the observation period.
The notes are callable at par plus any coupon otherwise due on any quarterly observation date.
If the notes have not been called and each index finishes at or above its 60% downside threshold level, the payout will be par plus any final coupon otherwise due.
Otherwise, investors will lose 1% for every 1% that the worst performer finishes below its initial level.
UBS Financial Services Inc. and CIBC Capital Markets are the agents.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Trigger callable contingent yield notes with daily coupon observation
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Underlying indexes: | Euro Stoxx 50 index, Russell 2000 index, S&P 500 index
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Amount: | $45,512,000
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Maturity: | May 7, 2026
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Coupon: | 11.28% per year, payable quarterly if each index closes at or above its coupon barrier level on every trading day during the observation period
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Price: | Par of $10
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Payout at maturity: | If each index finishes at or above downside threshold level, par plus any final coupon otherwise due; otherwise, lose 1% for every 1% that the worst performer finishes below its initial level.
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Call option: | At par plus any coupon otherwise due on any quarterly observation date
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Initial levels: | 4,478.03 for S&P, 1,957.463 for Russell, 4,332.91 for Stoxx
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Coupon barrier levels: | 3,134.62 for S&P, 1,370.224 for Russell, 3,033.04 for Stoxx; 70% of initial levels
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Downside threshold levels: | 2,686.82 for S&P, 1,174.478 for Russell, 2,599.75 for Stoxx; 60% of initial levels
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Pricing date: | Aug. 4
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Settlement date: | Aug. 8
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Agents: | UBS Financial Services Inc. and CIBC Capital Markets
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Fees: | 1%
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Cusip: | 13608M431
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