Published on 3/25/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $1.87 million contingent coupon autocallable notes on indexes
By Kiku Steinfeld
Chicago, March 25 – Canadian Imperial Bank of Commerce priced $1.87 million of contingent coupon autocallable yield notes due March 12, 2027 linked to the lesser performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 10.5% if each index closes at or above its barrier level, 60% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each index closes above its initial level on any monthly autocall observation date beginning on June 9 and ending on Dec. 9, 2026.
The payout at maturity will be par unless either index finishes below its 60% principal barrier level, in which case investors will be fully exposed to any losses of the lesser-performing index.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable yield notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
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| Amount: | $1,865,000
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| Maturity: | March 12, 2027
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| Coupon: | 10.5% 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 unless either index finishes below principal barrier level, in which case full exposure to any losses of the lesser-performing index
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| Call: | At par plus coupon if each index closes above initial level on any monthly autocall observation date beginning on June 9 and ending on Dec. 9, 2026
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| Initial levels: | 2,746.56 for S&P, 1,313.440 for Russell and 7,948.027 for Nasdaq
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| Coupon barrier levels: | 1,647.94 for S&P, 788.064 for Russell and 4,768.816 for Nasdaq; 60% of initial levels
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| Principal barrier levels: | 1,647.94 for S&P, 788.064 for Russell and 4,768.816 for Nasdaq; 60% of initial levels
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| Pricing date: | March 9
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| Settlement date: | March 12
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| Agent: | CIBC World Markets Corp.
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| Fees: | 1%
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| Cusip: | 13605WWJ6
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