Published on 10/26/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $1.46 million contingent market-linked autocalls on three indexes
Chicago, Oct. 26 – Canadian Imperial Bank of Commerce priced $1.46 million of market-linked securities due Feb. 27, 2026 – autocallable with contingent coupon and contingent downside – linked to the lowest performing of the Russell 2000 index, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent coupon at a 10% rate if all indexes close above their 75% interest barrier levels on any quarterly observation date.
The notes will be called automatically if all indexes close above their initial levels on any quarterly observation date after six months.
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 losses.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
|
| Underlying indexes: | Russell 2000 index, S&P 500 index, Euro Stoxx 50 index
|
| Amount: | $1,458,000
|
| Maturity: | Feb. 27, 2026
|
| Coupon: | 10% annual rate, payable quarterly if all indexes finish above interest barrier levels on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below downside threshold, in which case 1% loss per 1% decline of the worst performing index from its initial level
|
| Call: | Automatically at par if all indexes close above initial levels on any quarterly observation date after six months
|
| Initial levels: | 4,373.94 for S&P, 2,048.089 for Russell, 3,924.23 for Stoxx
|
| Interest barrier levels: | 3,280.455 for S&P, 1,536.06675 for Russell, 2,943.1725 for Stoxx; 75% of initial levels
|
| Downside thresholds: | 3,280.455 for S&P, 1,536.06675 for Russell, 2,943.1725 for Stoxx; 75% of initial levels
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 3
|
| Agent: | Wells Fargo Securities, LLC
|
| Fees: | 2.175%
|
| Cusip: | 13607X5M5
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
