Published on 8/21/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $1 million contingent coupon autocallable notes on three stocks
By Kiku Steinfeld
Chicago, Aug. 21 – Canadian Imperial Bank of Commerce priced $1 million of contingent coupon autocallable notes with memory coupon feature due Aug. 16, 2021 linked to the lowest performing of the common stocks of Amazon.com, Inc., Facebook, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If the least-performing stock closes at or above the barrier level, 65% of the initial level, on a quarterly observation date, the notes will pay a contingent coupon for that quarter at an annualized rate of 19.5%, plus any previously unpaid contingent coupon payments.
The notes will be called at par if the stocks close at or above their initial share prices on any observation date.
The payout at maturity will be par unless any underlying stock finishes below its 65% final barrier level, in which case investors will be fully exposed to the decline of the least-performing stock.
Incapital LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes with memory coupon feature
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| Underlying stocks: | Amazon.com, Inc., Facebook, Inc. and Netflix, Inc.
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| Amount: | $1 million
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| Maturity: | Aug. 16, 2021
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| Coupon: | 19.5% annualized, payable quarterly plus any previously unpaid contingent coupon payments if each stock closes at or above barrier level on observation date for quarter
|
| Price: | Par
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| Payout at maturity: | Par unless any underlying stock finishes below its barrier level, in which case full exposure to decline of least-performing stock
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| Call: | At par plus coupon if each stock closes at or above initial level on any observation date
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| Initial levels: | $3,080.67 for Amazon, $256.13 for Facebook and $466.93 for Netflix
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| Barrier levels: | $2,002.44 for Amazon, $166.48 Facebook and $303.50 for Netflix, 65% of initial levels
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| Pricing date: | Aug. 11
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| Settlement date: | Aug. 13
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| Agent: | Incapital LLC
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| Fees: | 1.7%
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| Cusip: | 13605WC33
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