Published on 6/13/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $1 million contingent coupon autocallable barrier notes on indexes, ETF
By Kiku Steinfeld
Chicago, June 13 – Canadian Imperial Bank of Commerce priced $1 million of contingent coupon autocallable barrier notes due Nov. 27, 2024 linked to the performance of Russell 2000 index, the Nasdaq-100 index and the SPDR Dow Jones Industrial Average ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 8.52% if each underlier closes at or above its coupon barrier level, 65% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each underlier closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par plus the final coupon unless any underlier finishes below its 65% barrier level, in which case investors will lose 1% for every 1% decline of the worst performer from its initial level.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable barrier notes
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| Underlying assets: | Russell 2000 index, Nasdaq-100 index, SPDR Dow Jones Industrial Average ETF Trust
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| Amount: | $1 million
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| Maturity: | Nov. 27, 2024
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| Coupon: | 8.52% per year, payable quarterly if each underlier closes at or above its coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon unless any underlier finishes below barrier level, in which case full exposure to the decline of the worst performer from its initial level
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| Call: | At par plus coupon if each underlier closes at or above initial level on any quarterly observation date
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| Initial levels: | $356.20 for ETF, 16,380.98 for Nasdaq, 2,331.348 for Russell
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| Coupon barrier levels: | $231.53 for ETF, 10,647.64 for Nasdaq, 1,515.376 for Russell; 65% of initial levels
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| Barrier levels: | $231.53 for ETF, 10,647.64 for Nasdaq, 1,515.376 for Russell; 65% of initial levels
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| Pricing date: | Nov. 22, 2021
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| Settlement date: | Nov. 26, 2021
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0.1%
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| Cusip: | 13607X2T3
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