Published on 1/10/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $1.76 million autocallable barrier notes on three stocks
By William Gullotti
Buffalo, N.Y., Jan. 10 – Canadian Imperial Bank of Commerce priced $1.76 million of 0% autocallable barrier notes due Jan. 3, 2025 linked to the worst performing of the common stocks of Amazon.com, Inc., Halliburton Co. and Morgan Stanley, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annualized 20.652% call premium if all stocks close at or above their call levels, 95% of initial levels, on any quarterly call observation date.
The payout at maturity will be par plus the 61.956% final premium if each stock finishes at or above its call level.
If the worst performer finishes below its call level but at or above its 70% principal barrier, the payout at maturity will be par. Otherwise, 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: | Autocallable barrier notes
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| Underlying stocks: | Amazon.com, Inc., Halliburton Co., Morgan Stanley
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| Amount: | $1,755,000
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| Maturity: | Jan. 3, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above call level, par plus 61.956% final premium; if the worst performer finishes below its call level but at or above its 70% principal barrier, par; otherwise, 1% loss for every 1% decline of the worst performer from its initial level
|
| Call: | At par plus premium at annualized 20.652% rate if all stocks finish at or above their call levels on any quarterly call observation date
|
| Initial levels: | $3,413.22 for Amazon, $23.05 for Halliburton, $99.97 for Morgan Stanley
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| Call levels: | $3,242.56 for Amazon, $21.90 for Halliburton, $94.97 for Morgan Stanley; 95% of initial levels
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| Principal barriers: | $2,389.25 for Amazon, $16.14 for Halliburton, $69.98 for Morgan Stanley; 70% of initial levels
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| Pricing date: | Dec. 28
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| Settlement date: | Dec. 31
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| Agent: | CIBC World Markets Corp.
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| Fees: | 4%
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| Cusip: | 13607X4F1
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