Published on 7/19/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $3.01 million market-linked autocalls with buffered downside on Russell 2000
By William Gullotti
Buffalo, N.Y., July 19 – Canadian Imperial Bank of Commerce priced $3.01 million of 0% market-linked autocallable securities with fixed percentage buffered downside due June 3, 2025 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a fixed call premium of 5.25% per year if the index closes at or above the initial index level on any of four annual call observation dates.
If the notes are not called, meaning the index has closed below its initial level, the payout at maturity will be par unless the index falls by more than 10% in which case investors will be exposed to losses beyond the 10% buffer.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market-linked autocallable securities with fixed-percentage buffered downside
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Underlying index: | Russell 2000
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Amount: | $3,010,000
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Maturity: | June 3, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If not called, par unless index falls by more than 10% in which case exposure to losses beyond 10% buffer
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Call: | Automatically at par plus 5.25% per year fixed call premium if the index closes at or above the initial index level on any annual call observation date
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Initial level: | 2,268.972
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Threshold level: | 2,042.0748; 90% of initial level
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Pricing date: | May 28
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Settlement date: | June 3
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Underwriter: | Wells Fargo Securities, LLC
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Fees: | 2.925%
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Cusip: | 13605W3N9
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