Published on 3/6/2017 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $2.49 million contingent coupon autocallables on Russell, Euro Stoxx
By Marisa Wong
Morgantown, W.Va., March 6 – Canadian Imperial Bank of Commerce priced $2.49 million of 0% contingent coupon autocallable notes due Feb. 28, 2020 linked to the lesser performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2v filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 9% if each index closes at or above its coupon barrier, 70% of the initial level, on the applicable semiannual observation date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any semiannual valuation date.
The payout at maturity will be par unless either index finishes below its 70% barrier level, in which case investors will be fully exposed to the decline of the worse performing index.
Janney Montgomery Scott LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable equity-linked notes
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| Underlying indexes: | Russell 2000 and Euro Stoxx 50
|
| Amount: | $2,485,000
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| Maturity: | Feb. 28, 2020
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| Coupon: | 9% per year, payable semiannually if each index closes at or above its coupon barrier, 70% of the initial level, on applicable semiannual observation date
|
| Price: | Par
|
| Payout at maturity: | Par, unless either index finishes below barrier level; otherwise, full exposure to decline of worse performing index
|
| Call: | Automatically called at par plus contingent coupon if each index closes at or above initial level on any semiannual valuation date
|
| Initial index levels: | 1,394.525 for Russell, 3,304.09 for Stoxx
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| Barrier levels: | 976.167 for Russell, 2,312.863 for Stoxx; 70% of initial levels
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| Pricing date: | Feb. 24
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| Settlement date: | Feb. 28
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| Agent: | Janney Montgomery Scott LLC
|
| Fees: | 2.25%
|
| Cusip: | 13605WCJ8
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