Published on 3/21/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $15 million trigger callable contingent yield notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, March 21 – Canadian Imperial Bank of Commerce priced $15 million of trigger callable contingent yield notes with daily coupon observation due Sept. 18, 2026 linked to the performance of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 12.2% if each index’s closing level is at least 70% of its initial level on every day that quarter.
The notes will be callable at par on any quarterly observation date.
If the notes are not called and each index finishes at or above its 60% trigger level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
CIBC Capital Markets and UBS Investment Bank are the agents.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Trigger callable contingent yield notes with daily coupon observation
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
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| Amount: | $15 million
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| Maturity: | Sept. 18, 2026
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| Coupon: | 12.2% per year, payable quarterly if each index closes at or above its coupon barrier every day that quarter
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| Price: | Par
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| Payout at maturity: | Par plus final coupon, if any, if each index finishes at or above trigger level; otherwise, full exposure to the losses of the worst performing index
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| Call option: | At par on any quarterly observation date
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| Initial levels: | 12,199.79 for Nasdaq, 1,776.893 for Russell, 3,919.29 for S&P
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| Coupon barrier levels: | 8,539.85 for Nasdaq, 1,243.852 for Russell, 2,743.5 for S&P; 70% of initial levels
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| Trigger levels: | 7,319.87 for Nasdaq, 1,066.136 for Russell, 2,351.57 for S&P; 60% of initial levels
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| Pricing date: | March 15
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| Settlement date: | March 20
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| Agents: | CIBC Capital Markets and UBS Investment Bank
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| Fees: | 2%
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| Cusip: | 13608K252
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