Published on 11/3/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $4.96 million market-linked autocalls with contingent downside on indexes
By William Gullotti
Buffalo, N.Y., Nov. 3 – Canadian Imperial Bank of Commerce priced $4.96 million of market-linked securities – autocallable with contingent coupon and contingent downside due April 29, 2025 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 quarterly coupon at an annual rate of 11% 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 quarterly observation date after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its coupon threshold.
If the worst performer finishes below its coupon threshold but at or above its 65% downside threshold, the payout will be par. 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: | $4,962,000
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Maturity: | April 29, 2025
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Coupon: | 11% annualized, payable quarterly if each index closes at or above coupon threshold on observation date for that period
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Price: | Par
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Payout at maturity: | Par plus the final coupon if each index finishes at or above its coupon threshold; if worst performer finishes below coupon threshold but at or above downside threshold, par; 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 quarterly observation date after six months
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Initial levels: | 3,871.98 for S&P, 1,846.863 for Russell, 11,405.57 for Nasdaq
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Coupon thresholds: | 2,903.985 for S&P, 1,385.14725 for Russell, 8,554.1775 for Nasdaq; 75% of initial levels
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Downside thresholds: | 2,516.787 for S&P, 1,200.46095 for Russell, 7,413.6205 for Nasdaq; 65% of initial levels
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Pricing date: | Oct. 31
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Settlement date: | Nov. 3
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Agent: | Wells Fargo Securities, LLC
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Fees: | 1.825%
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Cusip: | 13607XCD7
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