Published on 2/17/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $1.77 million market-linked autocalls with contingent downside on three indexes
By William Gullotti
Buffalo, N.Y., Feb. 17 – Canadian Imperial Bank of Commerce priced $1.77 million of market-linked securities – autocallable with contingent coupon and contingent downside due Feb. 20, 2026 linked to the performance 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 8.5% if each index closes at or above its 75% 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 75% 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
|
| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
|
| Underlying indexes: | S&P 500 index, Russell 2000 index, Dow Jones industrial average
|
| Amount: | $1,767,000
|
| Maturity: | Feb. 20, 2026
|
| Coupon: | 8.5% annualized, payable quarterly if each index closes at or above coupon threshold on observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon unless any index falls by more than 25%, in which case 1% loss per 1% decline of worst performer from its initial level
|
| Call: | At par plus coupon if each index closes at or above its initial level on any quarterly observation date after six months
|
| Initial levels: | 4,471.07 for S&P, 2,076.462 for Russell, 34,988.84 for Dow
|
| Downside thresholds: | 3,353.3025 for S&P, 1,557.3465 for Russell, 26,241.63 for Dow; 75% of initial levels
|
| Pricing date: | Feb. 15
|
| Settlement date: | Feb. 18
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 2.175%
|
| Cusip: | 13607X5L7
|
|
|
© 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.
