Published on 3/31/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $1 million contingent coupon autocallable barrier notes on four stocks
By Kiku Steinfeld
Chicago, March 31 – Canadian Imperial Bank of Commerce priced $1 million of contingent coupon autocallable barrier notes due Sept. 30, 2025 linked to the worst performing of the stocks of Apple Inc., Netflix, Inc., Facebook, Inc. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 15% if each stock closes at or above its barrier level, 65% 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 monthly autocall observation date after six months.
The payout at maturity will be par plus the final coupon unless any stock finishes below its 65% principal barrier level, in which case investors will be fully exposed to the decline of the worst performer from its initial level.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable barrier notes
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| Underlying stocks: | Apple Inc., Netflix, Inc., Facebook, Inc., JPMorgan Chase & Co.
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| Amount: | $4,111,000
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| Maturity: | Sept. 30, 2025
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| Coupon: | 15% per year, payable monthly if each index closes at or above its coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon unless any stock finishes below principal barrier level, in which case full exposure to any losses of the least-performing stock
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| Call: | At par plus coupon if each stock closes above initial level on any monthly autocall observation date after six months
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| Initial levels: | $146.83 for Apple, $345.96 for Facebook, $161.18 for JPMorgan, $593.26 for Netflix
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| Coupon barrier levels: | $95.44 for Apple, $224.87 for Facebook, $104.77 for JPMorgan, $385.62 for Netflix; 65% of initial levels
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| Principal barrier levels: | $95.44 for Apple, $224.87 for Facebook, $104.77 for JPMorgan, $385.62 for Netflix; 65% of initial levels
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| Pricing date: | Sept. 24
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| Settlement date: | Sept. 29
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0.6%
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| Cusip: | 13605W6V8
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