Published on 1/14/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $1.19 million contingent coupon autocallable notes on stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 14 – Canadian Imperial Bank of Commerce priced $1.19 million of contingent coupon autocallable notes due Jan. 17, 2023 linked to the lowest performing of the stocks of Halliburton Co., Morgan Stanley, Nvidia Corp. and Ulta Beauty, Inc., according to a 424B3 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 18.92% if each stock closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above 90% of its initial level on any coupon observation date.
The payout at maturity will be par plus the coupon unless any underlying stock finishes below its 60% principal barrier price, in which case investors will be fully exposed to the losses of the worst performing stock.
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: | Halliburton Co., Morgan Stanley, Nvidia Corp. and Ulta Beauty, Inc.
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Amount: | $1,187,000
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Maturity: | Jan. 17, 2023
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Coupon: | 18.92% annualized, payable quarterly if each index closes at or above 60% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par plus coupon unless any stock finishes below barrier, in which full exposure to losses of worst performing stock
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Call: | At par if each index closes at or above 90% of initial level on any coupon observation date
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Initial levels: | $24.08 for Halliburton, $52.21 for Morgan Stanley, $267.28 for Ulta and $244.32 for Nvidia
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Barrier levels: | $14.45 for Halliburton, $31.33 for Morgan Stanley, $160.37 for Ulta and $146.59 for Nvidia, 60% of initial levels
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Pricing date: | Jan. 10
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Settlement date: | Jan. 15
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Agents: | CIBC World Markets Corp.
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Fees: | 4%
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Cusip: | 136071BJ5
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