Published on 12/31/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $17.98 million trigger autocallable notes on Nasdaq, Russell
By Marisa Wong
Los Angeles, Dec. 31 – Canadian Imperial Bank of Commerce priced $17.98 million of trigger autocallable contingent yield notes due Jan. 3, 2025 linked to the least performing of the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 9.09% if each index closes at or above its coupon barrier, 70% of its initial level, on the related observation date.
After six months, the notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call observation date.
If the notes are not called and the final level of each index is greater than or equal to the downside threshold level, 70% of the initial level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the worst performer declines from its initial level.
UBS Financial Services Inc. and CIBC Capital Markets are the agents.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underlying indexes: | Nasdaq-100 index, Russell 2000 index
|
| Amount: | $17,975,900
|
| Maturity: | Jan. 3, 2025
|
| Coupon: | 9.09% per year, paid each quarter that each index closes at or above its coupon barrier on related observation date
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus final coupon unless any index finishes below downside threshold, in which case 1% loss for each 1% decline of lesser performing index from its initial level
|
| Call: | Automatically at par plus coupon if each index closes at or above initial level on any quarterly call observation date beginning June 29, 2022
|
| Initial levels: | 16,491.01 for Nasdaq, 2,249.244 for Russell
|
| Coupon barriers: | 11,543.71 for Nasdaq, 1,574.471 for Russell; 70% of initial levels
|
| Downside thresholds: | 11,543.71 for Nasdaq, 1,574.471 for Russell; 70% of initial levels
|
| Pricing date: | Dec. 29
|
| Settlement date: | Dec. 31
|
| Agents: | UBS Financial Services Inc. and CIBC Capital Markets
|
| Fees: | None
|
| Cusip: | 136071DK0
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
