Published on 9/30/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $8.37 million trigger autocallable contingent yield notes on S&P, Russell
By William Gullotti
Buffalo, N.Y., Sept. 30 – Canadian Imperial Bank of Commerce priced $8.37 million of trigger autocallable contingent yield notes due Sept. 30, 2027 linked to the performance of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at the rate of 10.9% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the related observation date.
The notes will be automatically called at par plus coupon if each index closes at or above its initial level on any quarterly call observation date after six months.
If the notes are not called and the final level of each index is greater than or equal to its coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above the downside threshold level, 50% of the initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the worst performer declines from its initial level.
UBS Financial Services Inc. and CIBC Capital Markets are the agents.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index
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| Amount: | $8,374,000
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| Maturity: | Sept. 30, 2027
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| Coupon: | 10.9% per year, paid quarterly, if each index closes at or above its coupon barrier on any related observation date
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| Price: | Par of $10
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| Payout at maturity: | Par plus final coupon if each index finishes at or above coupon barrier; if worst performer finishes below coupon barrier but not below downside threshold level, par; otherwise, 1% loss for each 1% decline of laggard index from initial level
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| Call: | Automatically at par plus coupon if each index closes at or above initial level on any quarterly call observation date after six months
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| Initial levels: | 3,719.04 for S&P, 1,715.243 for Russell
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| Coupon barrier levels: | 2,603.33 for S&P, 1,200.67 for Russell; 70% of initial levels
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| Downside thresholds: | 1,859.52 for S&P, 857.622 for Russell; 50% of initial levels
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| Pricing date: | Sept. 28
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| Settlement date: | Sept. 30
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| Agents: | UBS Financial Services Inc. and CIBC Capital Markets
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| Fees: | None
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| Cusip: | 13608K799
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