Published on 3/28/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $2.64 million contingent coupon autocallable notes on stocks
Chicago, March 28 – Canadian Imperial Bank of Commerce priced $2.64 million of contingent coupon autocallable notes due May 3, 2024 linked to the worst performing of the stocks of Amazon.com, Inc., Facebook, Inc. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 19.68% if each stock closes at or above its coupon barrier level, 80% 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 after six months.
The payout at maturity will be par unless any stock finishes below its 80% principal barrier level, in which case investors will be fully exposed to the losses of the worst performer.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying stocks: | Amazon.com, Inc., Facebook, Inc. and Netflix, Inc.
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| Amount: | $2,644,000
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| Maturity: | May 3, 2024
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| Coupon: | 19.68% per year, payable quarterly if each index closes at or above its coupon barrier level on the observation date
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its principal barrier level, in which case full exposure to losses of worst performer
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| Call: | At par plus coupon if each stock closes above initial share price on any quarterly autocall observation date after six months
|
| Initial share prices: | $325.08 for Facebook, $3,467.42 for Amazon and $513.47 for Netflix
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| Coupon barrier levels: | $260.06 for Facebook, $2,773.94 for Amazon and $410.78 for Netflix; 80% of initial share prices
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| Principal barrier levels: | $260.06 for Facebook, $2,773.94 for Amazon and $410.78 for Netflix; 80% of initial share prices
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| Pricing date: | April 30, 2021
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| Settlement date: | May 5, 2021
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| Agent: | CIBC World Markets Corp.
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| Fees: | 2%
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| Cusip: | 13605W3M1
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