Published on 9/25/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $9.98 million contingent coupon autocallable notes on indexes
By Taylor Fox
New York, Sept. 25 – Canadian Imperial Bank of Commerce priced $9.98 million of contingent coupon autocallable yield notes due Sept 16, 2024 linked to the worst 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 quarterly coupon at an annualized rate of 9.4% if each index closes at or above its barrier level, 70% 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 quarterly autocall observation date beginning on March 11, 2021 and ending on June 11, 2024.
The payout at maturity will be par plus any coupon due unless any index finishes below its 60% principal barrier level, in which case investors will be fully exposed to any losses of the least-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: | $9,982,000
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| Maturity: | Sept. 16, 2024
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| Coupon: | 9.4% per year, payable quarterly if each index closes at or above its coupon barrier level on observation date
|
| Price: | Par
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| Payout at maturity: | Par plus any coupon due unless any index finishes below principal barrier level, in which case full exposure to any losses of the least-performing index
|
| Call: | At par plus coupon if each index closes above initial level on any quarterly autocall observation date beginning on March 11, 2021 and ending on June 11, 2024
|
| Initial levels: | 3,340.97 for S&P, 1,497.271 for Russell and 11,087.4 for Nasdaq
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| Coupon barrier levels: | 2,338.68 for S&P, 1,048.09 for Russell and 7,761.18 for Nasdaq; 70% of initial levels
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| Principal barrier levels: | 2,004.58 for S&P, 898.363 for Russell and 6,652.44 for Nasdaq; 60% of initial levels
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| Pricing date: | Sept. 11
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| Settlement date: | Sept. 16
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| Agent: | CIBC World Markets Corp.
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| Fees: | 4%
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| Cusip: | 13605WE49
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