Published on 4/29/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $1 million contingent coupon autocallable notes on stocks
By Wendy Van Sickle
Columbus, Ohio, April 29 – Canadian Imperial Bank of Commerce priced $1 million of contingent coupon autocallable notes due April 17, 2023 linked to the worst performing of the stocks of Amazon.com, Inc., Facebook, Inc. and Nvidia Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 15.756% if each stock closes at or above its coupon barrier level, 70% of its initial share price, on the related observation date.
The notes will be called at par plus the coupon if each stock closes above its initial share price on any quarterly autocall observation date.
The payout at maturity will be par unless any stock finishes below its 65% principal barrier level, in which case the payout will be a number of shares of the least-performing stock equal to $1,000 divided by the initial share price of that stock or, at the issuer’s option, an amount in cash equal to the value of those shares.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
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| Underlying stocks: | Amazon.com, Inc., Facebook, Inc. and Nvidia Corp.
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| Amount: | $1 million
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| Maturity: | April 17, 2023
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| Coupon: | 15.756% per year, payable monthly if each index closes at or above its coupon barrier level on the observation date
|
| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its principal barrier level, in which case a number of shares of the least-performing stock equal to $1,000 divided by the initial share price of that stock or, at the issuer’s option, an amount in cash equal to the value of those shares
|
| Call: | At par plus coupon if each stock closes above initial share price on any quarterly autocall observation date
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| Initial share prices: | $312.46 for Facebook, $3,372.20 for Amazon and $576.00 for Nvidia
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| Coupon barrier levels: | $218.72 for Facebook, $2,360.54 for Amazon and $403.20 for Nvidia; 70% of initial share prices
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| Principal barrier levels: | $203.10 for Facebook, $2,191.13 for Amazon and $374.40 for Nvidia; 65% of initial share prices
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| Pricing date: | April 13
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| Settlement date: | April 19
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| Agent: | CIBC World Markets Corp.
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| Fees: | 1%
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| Cusip: | 136071CF2
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