Published on 5/9/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $4.87 million market-linked autocalls with contingent downside on indexes, ETF
By William Gullotti
Buffalo, N.Y., May 9 – Canadian Imperial Bank of Commerce priced $4.87 million of market-linked securities – autocallable with contingent coupon and contingent downside due April 29, 2025 linked to the performance of the S&P 500 index, the Russell 2000 index and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.8% if each underlier closes at or above its 70% downside threshold on the observation date for that period.
The notes will be called at par plus the coupon if each underlier 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 underlier 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 assets: | S&P 500 index, Russell 2000 index, SPDR S&P Regional Banking ETF
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| Amount: | $4,866,000
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| Maturity: | April 29, 2025
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| Coupon: | 10.8% annualized, payable quarterly if each underlier closes at or above downside threshold on observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par plus the final coupon unless any underlier falls by more than 30%, in which case 1% loss per 1% decline of worst performer from its initial level
|
| Call: | At par plus coupon if each underlier closes at or above its initial level on any quarterly observation date after six months
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| Initial levels: | $61.84 for ETF, 4,131.93 for S&P, 1,864.103 for Russell
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| Downside thresholds: | $43.288 for ETF, 2,892.351 for S&P, 1,304.8721 for Russell; 70% of initial levels
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| Pricing date: | April 29
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| Settlement date: | May 4
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 2.225%
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| Cusip: | 13607X6K8
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