Published on 3/11/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $2.17 million contingent market-linked autocalls on indexes
By Wendy Van Sickle
Columbus, Ohio, March 11 – Canadian Imperial Bank of Commerce priced $2.17 million of market-linked securities due Feb. 27, 2025 – autocallable with contingent coupon and contingent downside linked to the least performing of the Russell 2000 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.1% if each index closes at or above its 75% coupon threshold on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless any index finishes below its 65% downside threshold, in which case the payout will be par plus the return of the worst performing index with full exposure to any losses.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying indexes: | Russell 2000 index, S&P 500 index and Dow Jones industrial average
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| Amount: | $2,169,000
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| Maturity: | Feb. 27, 2025
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| Coupon: | 7.1% annualized, payable quarterly if each index closes at or above coupon threshold on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any index falls by more than 35%, in which case 1% loss per 1% decline of worst performing index
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| Call: | At par if each index closes at or above its initial level on any interest payment date after six months
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| Initial levels: | 2,200.172 for Russell, 3,829.34 for S&P, 31,402.01 for Dow
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| Coupon thresholds: | 1,650.129 for Russell, 2,872.005 for S&P, 23,551.5075 for Dow; 75% of initial levels
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| Downside thresholds: | 1,430.1118 for Russell, 2,489.071 for S&P, 20,411.3065 for Dow; 65% of initial levels
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| Pricing date: | Feb. 25
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| Settlement date: | March 2
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 2.475%
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| Cusip: | 13605WW73
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