Published on 9/14/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $2.62 million contingent market-linked autocalls on three assets
By Kiku Steinfeld
Chicago, Sept. 14 – Canadian Imperial Bank of Commerce priced $2.62 million of market-linked securities due Jan. 29, 2025 – autocallable with contingent coupon and contingent downside linked to the lowest performing of the Russell 2000 index, the SPDR S&P Regional Banking ETF and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon at a 12.1% rate if all assets close above their 70% interest barrier levels on the related quarterly observation date.
The notes will be called automatically if all assets close at or above their initial levels on any quarterly observation date starting after six months.
The payout at maturity will be par unless any asset finishes below its 70% downside threshold, in which case the payout will be par plus the return of the worst performing asset with full exposure to 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 coupon and contingent downside
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| Underliers: | Russell 2000 index, SPDR S&P Regional Banking ETF, Nasdaq-100 index
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| Amount: | $2,621,000
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| Maturity: | Jan. 29, 2025
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| Coupon: | 12.1% annual rate, payable quarterly if all assets finish above interest barrier levels on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless any asset falls by more than 30%, in which case 1% loss per 1% decline of the worst performing asset from its initial level
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| Call: | Automatically at par if all assets close at or above initial levels on any quarterly observation date after six months
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| Initial levels: | $71.60 for ETF, 2,028.453 for Russell, 14,930.05 for Nasdaq
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| Interest barrier levels: | $50.12 for ETF, 1,419.9171 for Russell, 10,451.035 for Nasdaq; 70% of initial levels
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| Downside thresholds: | $50.12 for ETF, 1,419.9171 for Russell, 10,451.035 for Nasdaq; 70% of initial levels
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| Pricing date: | Jan. 31, 2022
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| Settlement date: | Feb. 3, 2022
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 2.125%
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| Cusip: | 13607X4G9
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