Published on 7/22/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $2.08 million issuer callable contingent coupon barrier notes on three indexes
By William Gullotti
Buffalo, N.Y., July 22 – Canadian Imperial Bank of Commerce priced $2.08 million issuer callable contingent coupon barrier notes due July 21, 2025 tied to the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 5.152% if all indexes close above their 60% coupon barrier on any observation date for that quarter.
After one year, the notes may be called at par plus any coupon due at the option of the issuer on any quarterly coupon payment date.
Investors will receive par plus the contingent coupon if the final level of the least performing index is above its coupon barrier.
If any index falls below the coupon barrier but all finish at or above the 55% trigger level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the worst performer’s decline from its initial level.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Issuer callable contingent coupon barrier note
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index, Russell 2000 index
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| Amount: | $2,075,000
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| Maturity: | July 21, 2025
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| Coupon: | 5.152% per year, paid quarterly if all indexes close above coupon barriers any observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any index finishes below coupon barrier; if any index lags below coupon barrier but all finish at or above trigger level, par; otherwise full exposure to losses of least performing index
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| Call option: | After one year, at par plus any coupon due at the option of the issuer on any quarterly coupon payment date
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| Initial levels: | 4,327.16 for S&P, 2,163.238 for Russell, 14,681.38 for Nasdaq
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| Coupon barrier levels: | 2,596.3 for S&P, 1,297.943 for Russell, 8,808.83 for Nasdaq; 60% of initial levels
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| Trigger levels: | 2,379.94 for S&P, 1,189.781 for Russell, 8,074.76 for Nasdaq; 55% of initial levels
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| Pricing date: | July 16
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| Settlement date: | July 21
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0.7%
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| Cusip: | 13605W5J6
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