Published on 3/14/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $2.97 million contingent market-linked callable notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, March 14 – Canadian Imperial Bank of Commerce priced $2.97 million of market-linked securities due Aug. 28, 2025 – autocallable with contingent coupon with daily observation and contingent downside – linked to the lowest performing of the Russell 2000 index, the S&P 500 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 a 10.9% rate if all indexes close above their 70% interest barrier levels every day that period.
The notes will be called automatically if all indexes close above their initial levels on any quarterly observation date.
The payout at maturity will be par unless any index finishes below its 60% 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
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| Issue: | Market linked securities – autocallable with contingent coupon with daily observation and contingent downside
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| Underlying indexes: | Russell 2000 index, S&P 500 index, Nasdaq-100 index
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| Amount: | $2,972,000
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| Maturity: | Aug. 28, 2025
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| Coupon: | 10.9% annual rate, payable quarterly if all indexes finish above interest barrier levels on every day that period
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| Price: | Par
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| 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
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| Call: | Automatically at par if all indexes close above initial levels on any quarterly observation date
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| Initial levels: | 3,970.15 for S&P, 1,896.991 for Russell, 12,042.12 for Nasdaq
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| Interest barrier levels: | 2,779.105 for S&P, 1,327.8937 for Russell, 8,429.484 for Nasdaq; 70% of initial levels
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| Downside thresholds: | 2,382.09 for S&P, 1,138.1946 for Russell, 7,225.272 for Nasdaq; 60% of initial levels
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| Pricing date: | Feb. 28
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| Settlement date: | March 3
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 1.575%
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| Cusip: | 13607XFF9
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