Published on 9/13/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $2.88 million contingent market-linked autocalls on SPDR funds
By Wendy Van Sickle
Columbus, Ohio, Sept. 13 – Canadian Imperial Bank of Commerce priced $2.88 million of market-linked securities due Aug. 28, 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 8.6% 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 six 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
|
| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
|
| Underlying funds: | Consumer Discretionary Select Sector SPDR, Energy Select Sector SPDR, Financial Select Sector SPDR and Technology Select Sector SPDR
|
| Amount: | $2,879,000
|
| Maturity: | Aug. 28, 2024
|
| Coupon: | 8.6% annualized, payable quarterly if each fund closes at or above threshold on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any fund falls below threshold, in which case par plus return of worst performer with exposure to losses
|
| Call: | At par if each fund closes at or above its initial level on any observation date after six months
|
| Initial levels: | $48.73 for Energy, $38.45 for Financial, $159.70 for Technology, $72.10 for Consumer
|
| Threshold levels: | $34.111 for Energy, $26.915 for Financial, $111.79 for Technology, $50.47 for Consumer; 70% of initial levels
|
| Pricing date: | Aug. 30
|
| Settlement date: | Sept. 2
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 2.225%
|
| Cusip: | 13605W5R8
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
