Published on 7/28/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $935,000 contingent market-linked autocalls on SPDR funds
By Kiku Steinfeld
Chicago, July 28 – Canadian Imperial Bank of Commerce priced $935,000 of market-linked securities due July 24, 2024 – autocallable with contingent coupon and contingent downside linked to the least performing of the Consumer Discretionary Select Sector SPDR fund, the Energy Select Sector SPDR fund, the Financial Select Sector SPDR fund and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9% if each fund closes at or above its 70% coupon threshold on the observation date for that period.
The notes will be called at par if each fund closes at or above its initial level on any quarterly observation date after three months.
The payout at maturity will be par unless any fund finishes below its threshold level, in which case investors will receive par plus the return of the worst performing fund with full exposure to its losses.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying funds: | Consumer Discretionary Select Sector SPDR, Energy Select Sector SPDR, Financial Select Sector SPDR and Technology Select Sector SPDR
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| Amount: | $935,000
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| Maturity: | July 24, 2024
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| Coupon: | 9% annualized, payable quarterly if each fund closes at or above threshold on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any fund falls below threshold, in which case par plus return of worst performer with exposure to losses
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| Call: | At par if each fund closes at or above its initial level on any observation date after three months
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| Initial levels: | $46.96 for Energy, $35.11 for Financial, $148.23 for Technology, $70.83 for Consumer
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| Threshold levels: | $32.872 for Energy, $24.577 for Financial, $103.761 for Technology, $49.581 for Consumer; 70% of initial levels
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| Pricing date: | July 19
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| Settlement date: | July 22
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 2.125%
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| Cusip: | 13605W4R9
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