Published on 8/2/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $2.36 million contingent market-linked autocalls on three indexes
By Wendy Van Sickle
Columbus, Ohio, Aug. 2 – Canadian Imperial Bank of Commerce priced $2.36 million of 0% market-linked securities due Aug. 4, 2025 – autocallable with contingent downside linked to the lowest performing of the Russell 2000 index, the Dow Jones industrial average and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called automatically at par plus a 14% annualized coupon if all indexes close above their initial levels on any annual observation date.
If the notes are not called, the payout at maturity will be par unless any index finishes below its 75% downside threshold, in which case the payout will be par plus the return of the worst performing index with full exposure to any losses.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Market linked securities – autocallable with contingent downside
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| Underlying indexes: | Russell 2000 index, Dow Jones industrial average, Nasdaq-100 index
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| Amount: | $2,361,000
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| Maturity: | Aug. 4, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If notes are not called, par unless any index falls by more than 25%, in which case 1% loss per 1% decline of the worst performing index from its initial level
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| Call: | Automatically at par plus 14% annualized premium if all indexes close above initial levels on any annual observation date
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| Initial levels: | 32,845.13 for Dow, 1,885.23 for Russell, 12,947.97 for Nasdaq
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| Downside thresholds: | 24,633.8475 for Dow, 1,413.9225 for Russell, 9,710.9775 for Nasdaq; 75% of initial levels
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| Pricing date: | July 28
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| Settlement date: | Aug. 2
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 2.425%
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| Cusip: | 13607XAE7
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