Published on 7/14/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $6 million contingent coupon autocallables on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, July 14 – Canadian Imperial Bank of Commerce priced $6 million of contingent coupon autocallable notes due June 2, 2022 linked to the S&P 500 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.4% if each index closes at or above its 80% coupon barrier on the related determination date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call determination date after six months.
The payout at maturity will be par plus the final coupon unless either index finishes below its 75% barrier, in which case investors will lose 1% for each 1% decline of the laggard index.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying index: | Russell 2000 index and S&P 500 index
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| Amount: | $6 million
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| Maturity: | June 2, 2022
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| Coupon: | 7.4% annualized, payable quarterly if each index closes at or above coupon barrier on related determination date
|
| Price: | Par
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| Call: | At par plus contingent coupon if each index closes at or above its initial level on any quarterly call determination date after six months
|
| Payout at maturity: | Par plus final coupon unless laggard index finishes below barrier level, in which case full exposure to laggard index decline
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| Initial levels: | 4,200.88 | for S&P, 2,273.073 for Russell
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| Coupon barriers: | 3,360.7 for S&P, 1,818.458 for Russell, 80% of initial levels
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| Barrier levels: | 3,150.66 for S&P, 1,704.805 for Russell, 75% of initial levels
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| Pricing date: | May 27
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| Settlement date: | June 2
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| Agent: | CIBC World Markets Corp.
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| Fees: | 1%
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| Cusip: | 13605W4A6
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