Published on 6/9/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $4 million contingent coupon autocallable notes on tech stocks
By Wendy Van Sickle
Columbus, Ohio, June 9 – Canadian Imperial Bank of Commerce priced $4 million of contingent coupon autocallable notes June 5, 2023 linked to the lowest performing of the common stocks of Apple Inc., Amazon.com, Inc., Facebook, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 15% if each stock closes at or above its 50% coupon barrier on the observation date for that month.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par plus the coupon unless any underlying stock finishes below its 50% principal barrier price, in which case investors will be fully exposed to the losses of the worst performing stock.
Incapital LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
|
| Underlying stocks: | Apple Inc., Amazon.com, Inc., Facebook, Inc. and Netflix, Inc.
|
| Amount: | $4 million
|
| Maturity: | June 5, 2023
|
| Coupon: | 15% annualized, payable monthly if each index closes at or above 50% coupon barrier on observation date for that month
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless any stock finishes below barrier, in which full exposure to losses of worst performing stock
|
| Call: | At par plus coupon if each index closes at or above initial level on any quarterly call observation date
|
| Initial levels: | $321.85 for Apple, $2,471.04 for Amazon, $231.91 for Facebook, $425.92 for Netflix
|
| Barrier levels: | $160.93 for Apple, $1,235.52 for Amazon, $115.96 for Facebook, $212.96 for Netflix, 50% of initial levels
|
| Pricing date: | June 1
|
| Settlement date: | June 4
|
| Agents: | Incapital LLC
|
| Fees: | 2.75%
|
| Cusip: | 13605WYV7
|
|
|
© 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.
