Published on 8/23/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $5.1 million market-linked autocalls with contingent downside on three indexes
By William Gullotti
Buffalo, N.Y., Aug. 23 – Canadian Imperial Bank of Commerce priced $5.1 million of market-linked securities – autocallable with contingent coupon and contingent downside due Aug. 21, 2025 linked to the performance of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 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% if each index closes at or above its 70% coupon threshold on the observation date for that period.
The notes will be called at par plus the coupon if each index closes at or above the initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon unless any index finishes below its 70% downside threshold, in which case investors will lose 1% for every 1% decline of the worst performer from its initial level.
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, Euro Stoxx 50 index
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Amount: | $5,097,000
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Maturity: | Aug. 21, 2025
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Coupon: | 7% 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 plus the final coupon unless any index falls by more than 30%, in which case 1% loss per 1% decline of worst performer from its initial level
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Call: | At par plus coupon if each index closes at or above its initial level on any quarterly observation date after six months
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Initial levels: | 4,400.27 for S&P, 2,158.78 for Russell, 4,189.42 for Stoxx
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Downside thresholds: | 3,080.189 for S&P, 1,511.146 for Russell, 2,932.594 for Stoxx; 70% of initial levels
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Pricing date: | Aug. 18
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Settlement date: | Aug. 23
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Agent: | Wells Fargo Securities, LLC
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Fees: | 2.175%
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Cusip: | 13605W5U1
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