Published on 9/11/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $4 million contingent coupon autocallable notes on four stocks
By Wendy Van Sickle
Columbus, Ohio, Sept. 11 – Canadian Imperial Bank of Commerce priced $4 million of contingent coupon autocallable notes due Sept. 8, 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.
If the least-performing stock closes at or above the barrier level, 50% of the initial level, on a monthly observation date, the notes will pay a contingent coupon for that month at an annualized rate of 16.008%.
The notes will be called at par if the stocks close at or above their initial share prices on any observation date after three months.
The payout at maturity will be par unless any underlying stock finishes below its 50% 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
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| Issue: | Contingent coupon autocallable notes
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| Underlying stocks: | Apple Inc., Amazon.com, Inc., Facebook, Inc. and Netflix, Inc.
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| Amount: | $4 million
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| Maturity: | Sept. 8, 2023
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| Coupon: | 16.008% annualized, payable monthly if each stock closes at or above barrier level on observation date for month
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| 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 after three months
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| Initial levels: | $120.96 for Apple, $3,294.62 for Amazon, $282.73 for Facebook and $516.05 for Netflix
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| Barrier levels: | $60.48 for Apple, $1,647.31 for Amazon, $141.37 Facebook and $258.03 for Netflix, 50% of initial levels
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| Pricing date: | Sept. 4
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| Settlement date: | Sept. 10
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| Agent: | Incapital LLC
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| Fees: | 4%
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| Cusip: | 13605WD81
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