Published on 3/3/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $2.33 million contingent coupon autocallable barrier notes on three indexes
By William Gullotti
Buffalo, N.Y., March 3 – Canadian Imperial Bank of Commerce priced $2.33 million of contingent coupon autocallable barrier notes due March 5, 2026 linked to the performance of S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annualized rate of 11.004% if each index closes at or above its coupon barrier level, 70% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each index closes at or above its 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 barrier.
If the worst performer finishes below its coupon barrier but at or above its 60% principal barrier level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable barrier notes
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index, Russell 2000 index
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| Amount: | $2,325,000
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| Maturity: | March 5, 2026
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| Coupon: | 11.004% per year, payable monthly if each index closes at or above its coupon barrier level on observation date
|
| Price: | Par
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| Payout at maturity: | Par plus the final coupon if each index finishes at or above coupon barrier level; if worst performer finishes below coupon barrier but not below principal barrier level, par; otherwise, full exposure to decline of the worst performer from initial level
|
| Call: | At par plus coupon if each index closes at or above initial level on any quarterly observation date after six months
|
| Initial levels: | 1,896.269 for Russell, 12,057.79 for Nasdaq, 3,982.24 for S&P
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| Coupon barrier levels: | 1,327.388 for Russell, 8,440.45 for Nasdaq, 2,787.57 for S&P; 70% of initial levels
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| Principal barrier levels: | 1,137.761 for Russell, 7,234.67 for Nasdaq, 2,389.34 for S&P; 60% of initial levels
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| Strike date: | Feb. 27
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| Pricing date: | Feb. 28
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| Settlement date: | March 3
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0.6%
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| Cusip: | 13607XGC5
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