Published on 8/4/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $10.25 million contingent coupon autocallable barrier notes on three indexes
By Angela McDaniels
Tacoma, Wash., Aug. 4 – Canadian Imperial Bank of Commerce priced $10.25 million of contingent coupon autocallable barrier notes due Aug. 4, 2025 linked to the least performing of the S&P Midcap 400 index, the Russell 2000 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 an annualized rate of 9.02% if each index closes at or above its coupon barrier level, 75% of its initial level, on a related observation date.
Beginning Oct. 30, 2023, the notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par plus the final coupon if each index finishes at or above its 75% principal barrier level. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable barrier notes
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| Underlying indexes: | S&P Midcap 400 index, Russell 2000 index and Nasdaq-100 index
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| Amount: | $10,251,000
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| Maturity: | Aug. 4, 2025
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| Coupon: | 9.02% per year, payable quarterly if each index closes at or above coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above principal barrier level, par; otherwise, full exposure to decline of the worst performer from initial level
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| Call: | Beginning Oct. 30, 2023, automatically at par plus coupon if each index closes at or above initial level on any quarterly observation date
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| Initial levels: | 2,728.44 for Midcap, 2,003.177 for Russell and 15,757.00 for Nasdaq
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| Coupon barrier levels: | 2,046.33 for Midcap, 1,502.383 for Russell and 11,817.75 for Nasdaq, or 75% of initial levels
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| Principal barrier levels: | 2,046.33 for Midcap, 1,502.383 for Russell and 11,817.75 for Nasdaq, or 75% of initial levels
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| Pricing date: | July 31
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| Settlement date: | Aug. 4
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| Agent: | CIBC World Markets Corp.
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| Fees: | 1.75%
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| Cusip: | 13607XLJ4
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