Published on 7/28/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $4.48 million contingent market-linked autocalls on indexes
By Kiku Steinfeld
Chicago, July 28 – Canadian Imperial Bank of Commerce priced $4.48 million of market-linked securities – autocallable with contingent coupon and contingent downside due July 24, 2025 linked to the least performing of the S&P 500 index, the Russell 2000 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 6.9% if each index closes at or above its 75% coupon threshold on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any observation date after six months.
The payout at maturity will be par unless any index finishes below its 75% 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: | S&P 500 index, Russell 2000 index and Dow Jones industrial average
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| Amount: | $4.48 million
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| Maturity: | July 24, 2025
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| Coupon: | 6.9% annualized, payable quarterly if each index closes at or above 75% coupon threshold on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any index falls by more than 25%, 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 observation date after six months
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| Initial levels: | 33,962.04 for Dow, 2,130.680 for Russell, 4,258.49 for S&P
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| Downside thresholds: | 25,471.53 for Dow, 1,598.01 for Russell, 3,193.8675 for S&P; 75% of initial levels
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| Pricing date: | July 19
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| Settlement date: | July 22
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 2.275%
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| Cusip: | 13605W4S7
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