Published on 5/16/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $3.04 million trigger autocallable contingent yield notes on Dow, Russell
By Wendy Van Sickle
Columbus, Ohio, May 16 – Canadian Imperial Bank of Commerce priced $3.04 million of trigger autocallable contingent yield notes due May 15, 2026 linked to the performance of the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at the rate of 11.12% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the related observation date.
The notes will be automatically called at par plus coupon if each index closes at or above its initial level on any quarterly call observation date after six months.
If the notes are not called and the final level of each index is greater than or equal to the downside threshold level, 70% of the initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% that the worst performer declines from its initial level.
UBS Financial Services Inc. and CIBC Capital Markets are the agents.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Trigger autocallable contingent yield notes
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Underlying indexes: | Dow Jones industrial average, Russell 2000 index
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Amount: | $3,036,000
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Maturity: | May 15, 2026
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Coupon: | 11.12% per year, paid quarterly, if each index closes at or above its coupon barrier on any related observation date
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Price: | Par of $10
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Payout at maturity: | Par plus final coupon unless any index finishes below downside threshold level, in which case 1% loss for each 1% decline of laggard index from initial level
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Call: | Automatically at par plus coupon if each index closes at or above initial level on any quarterly call observation date after six months
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Initial levels: | 33,300.62 for Dow, 1,740.849 for Russell
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Coupon barrier levels: | 23,310.43 for Dow, 1,218.594 for Russell; 70% of initial levels
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Downside thresholds: | 23,310.43 for Dow, 1,218.594 for Russell; 70% of initial levels
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Pricing date: | May 12
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Settlement date: | May 17
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Agents: | UBS Financial Services Inc. and CIBC Capital Markets
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Fees: | None
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Cusip: | 13608M308
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