Published on 11/13/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $1.72 million contingent coupon autocallable notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, Nov. 13 – Canadian Imperial Bank of Commerce priced $1.72 million of contingent coupon autocallable notes due Nov. 7, 2024 linked to the worst performing of the Russell 2000 index, the SPDR Dow Jones industrial average ETF trust 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 annual rate of 8% if each asset closes at or above its barrier level, 59% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each asset closes above its initial level on any quarterly autocall observation date.
The payout at maturity will be par plus any coupon due unless any asset finishes below its 59% principal barrier level, in which case investors will be fully exposed to any losses of the least-performing asset.
Incapital LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying assets: | Russell 2000 index, SPDR Dow Jones industrial average ETF trust and S&P 500 index
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| Amount: | $1,715,000
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| Maturity: | Nov. 7, 2024
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| Coupon: | 8% annual rate, payable each quarter if each asset 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 asset finishes below principal barrier level, in which case full exposure to any losses of the least-performing asset
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| Call: | At par plus coupon if each asset closes above initial level on any quarterly autocall observation date
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| Initial levels: | 3,310.24 for S&P, $269.98 for Dow and 1,568.592 for Russell
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| Coupon barrier levels: | 1,935.04 for S&P, $159.29 for Dow and 925.469 for Russell; 59% of initial levels
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| Principal barrier levels: | 1,935.04 for S&P, $159.29 for Dow and 925.469 for Russell; 59% of initial levels
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| Pricing date: | Nov. 2
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| Settlement date: | Nov. 5
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| Agent: | Incapital LLC
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| Fees: | 1%
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| Cusip: | 13605WL66
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