Published on 4/27/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $1 million issuer callable contingent coupon barrier notes on three indexes
By William Gullotti
Buffalo, N.Y., April 27 – Canadian Imperial Bank of Commerce priced $1 million issuer callable contingent coupon barrier notes due April 5, 2028 tied to the Nasdaq-100 index, the S&P 500 index and the Russell 2000 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 10% if all indexes close at or above their 70% coupon barrier on the corresponding observation date.
The notes may be called at the option of the issuer at par plus any coupon due on any quarterly coupon payment date after six months.
At maturity, investors will receive par plus the contingent coupon if the final level of the least performing index is greater than or equal to the 70% trigger level.
Otherwise, investors will be fully exposed to the worst performer’s decline from its initial level.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Issuer callable contingent coupon barrier note
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index, Russell 2000 index
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| Amount: | $1 million
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| Maturity: | April 5, 2028
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| Coupon: | 10% per year, paid quarterly if all indexes close at or above their respective coupon barriers on the relevant observation date
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any index finishes below trigger level, in which case full exposure to decline of least performing index from initial level
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| Call option: | At par plus any coupon due on any quarterly coupon payment date after six months
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| Initial levels: | 4,109.31 for S&P, 1,802.484 for Russell, 13,181.35 for Nasdaq
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| Coupon barrier levels: | 2,876.52 for S&P, 1,261.739 for Russell, 9,226.95 for Nasdaq; 70% of initial levels
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| Trigger levels: | 2,876.52 for S&P, 1,261.739 for Russell, 9,226.95 for Nasdaq; 70% of initial levels
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| Pricing date: | March 31
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| Settlement date: | April 5
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| Agent: | CIBC World Markets Corp.
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| Fees: | 2.25%
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| Cusip: | 13607XGU5
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