Published on 10/4/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $3.61 million market-linked autocalls with contingent downside on indexes
By William Gullotti
Buffalo, N.Y., Oct. 4 – Canadian Imperial Bank of Commerce priced $3.61 million of market-linked securities – autocallable with contingent coupon and contingent downside due Sept. 28, 2023 linked to the performance of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 12% if each index closes at or above its 75% coupon threshold on the observation date for that period.
The notes will be called at par plus the coupon if each index closes at or above the initial level on any monthly observation date after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above 75% downside threshold. Otherwise, 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 indexes: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
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| Amount: | $3,614,000
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| Maturity: | Sept. 28, 2023
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| Coupon: | 12% annualized, payable monthly if each index closes at or above coupon threshold on observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par plus the final coupon if each index finishes at or above its downside threshold; otherwise, 1% loss per 1% decline of worst performer from its initial level
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| Call: | At par plus coupon if each index closes at or above its initial level on any monthly observation date after six months
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| Initial levels: | 3,585.62 for S&P, 1,664.716 for Russell, 10,971.22 for Nasdaq
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| Coupon thresholds: | 2,689.215 for S&P, 1,248.537 for Russell, 8,228.415 for Nasdaq; 75% of initial levels
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| Downside thresholds: | 2,689.215 for S&P, 1,248.537 for Russell, 8,228.415 for Nasdaq; 75% of initial levels
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| Pricing date: | Sept. 30
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| Settlement date: | Oct. 5
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 1.45%
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| Cusip: | 13607X7L5
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