Published on 6/16/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $6.16 million market-linked callables with contingent coupon and downside on indexes
By Wendy Van Sickle
Columbus, Ohio, June 16 – Canadian Imperial Bank of Commerce priced $6.16 million of market-linked securities due Dec. 12, 2025 – callable 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.
A contingent coupon at an annualized rate of 10.44% will be paid on a quarterly basis if each index closes at or above its coupon threshold, 70% of its initial level, on every day that quarter.
The notes will be callable at par plus on any quarterly observation date.
The payout at maturity will be par unless any index finishes below its 55% downside threshold, in which case the payout will be par plus the return of the worst performing index with full exposure to any losses.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Market linked securities – callable 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: | $6,161,000
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| Maturity: | Dec. 12, 2025
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| Coupon: | 10.44%, payable quarterly if each index closes at or above its coupon threshold on every day that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any index falls by more than 45%, in which case 1% loss per 1% decline of the worst performing index from its initial level
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| Call: | At par on any quarterly observation date
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| Initial levels: | 4,298.86 for S&P, 1,865.706 for Russell, 14,528.36 for Nasdaq
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| Coupon thresholds: | 3,009.202 for S&P, 1,305.9942 for Russell, 10,169.852 for Nasdaq; 70% of initial levels
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| Downside thresholds: | 2,364.373 for S&P, 1,026.1383 for Russell, 7,990.598 for Nasdaq; 55% of initial levels
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| Pricing date: | June 9
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| Settlement date: | June 14
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 1.275%
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| Cusip: | 13607XJQ1
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