Published on 10/2/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $650,000 contingent coupon autocallable notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, Oct. 2 – Canadian Imperial Bank of Commerce priced $650,000 of contingent coupon autocallable yield notes due Sept. 30 2025 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the SPDR Dow Jones Industrial Average ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 8% 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 after six months.
The payout at maturity will be par plus any coupon due unless any index finishes below its 50% principal barrier level, in which case investors will be fully exposed to any losses of the least-performing index.
Incapital LLC 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 SPDR Dow Jones Industrial Average ETF
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| Amount: | $650,000
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| Maturity: | Sept. 30, 2025
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| Coupon: | 8% per year, payable quarterly 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 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
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| Call: | At par plus coupon if each index closes above initial level on any quarterly autocall observation date after six months
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| Initial levels: | 11,151.13 for Nasdaq, 1,474.908 for Russell and $271.70 for ETF
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| Coupon barrier levels: | 7,805.791 for Nasdaq, 1,032.436 for Russell and $190.19 for ETF; 70% of initial levels
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| Principal barrier levels: | 5,575.565 for Nasdaq, 737.454 for Russell and $135.85 for ETF; 50% of initial levels
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 30
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| Agent: | Incapital LLC
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| Fees: | 1.75%
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| Cusip: | 13605WG54
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