Published on 4/15/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $5.34 million contingent coupon autocallable notes on stocks
By Kiku Steinfeld
Chicago, April 15 – Canadian Imperial Bank of Commerce priced $5.34 million of contingent coupon autocallable notes due April 1, 2024 linked to the worst performing of the stocks of Alphabet Inc., Apple Inc., Facebook, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 13.08% if each stock closes at or above its barrier level, 60% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each stock closes above its initial level on any quarterly autocall observation date after six months.
The payout at maturity will be par unless any stock finishes below its 60% principal barrier level, in which case investors will be fully exposed to any losses of the least-performing stock.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
|
| Underlying stocks: | Alphabet Inc., Apple Inc., Facebook, Inc. and Netflix, Inc.
|
| Amount: | $5,336,000
|
| Maturity: | April 1, 2024
|
| Coupon: | 13.08% per year, payable monthly if each index closes at or above its coupon barrier level on observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below principal barrier level, in which case full exposure to any losses of the least-performing stock
|
| Call: | At par plus coupon if each stock closes above initial level on any quarterly autocall observation date after six months
|
| Initial levels: | $121.21 for Apple, $283.02 for Facebook, $2,024.73 for Alphabet and $508.05 for Netflix
|
| Coupon barrier levels: | $72.73 for Apple, $169.81 for Facebook, $1,214.84 for Alphabet and $304.83 for Netflix; 60% of initial levels
|
| Principal barrier levels: | $$72.73 for Apple, $169.81 for Facebook, $1,214.84 for Alphabet and $304.83 for Netflix; 60% of initial levels
|
| Pricing date: | March 26
|
| Settlement date: | March 31
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 2.95%
|
| Cusip: | 13605WZ46
|
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