Published on 8/11/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $4.5 million issuer callable contingent coupon barrier notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, Aug. 11 – Canadian Imperial Bank of Commerce priced $4.5 million issuer callable contingent coupon barrier notes with daily coupon observation due Aug. 15, 2025 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 12.2% if all indexes close at or above their 70% coupon barrier every day that period.
The notes may be called at the option of the issuer at par plus any coupon due on any quarterly coupon payment date.
At maturity, investors will receive par plus any contingent coupon unless the worst performer finishes below its 60% trigger level, in which case investors will be fully exposed to the worst performer’s decline from its initial level.
BofA Securities is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Issuer callable contingent coupon barrier note with daily coupon observation
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index, Russell 2000 index
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| Amount: | $4.5 million
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| Maturity: | Aug. 15, 2025
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| Coupon: | 12.2% per year, paid quarterly if all indexes close at or above their respective coupon barriers every day that period
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| Price: | Par
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| Payout at maturity: | Par plus any contingent coupon unless worst performer finishes below trigger level, in which case full exposure to decline of worst performing index from initial level
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| Call option: | At par plus any coupon due on any quarterly coupon payment date
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| Initial levels: | 4,499.38 for S&P, 1,947.418 for Russell, 15,273.05 for Nasdaq
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| Coupon barrier levels: | 3,149.57 for S&P, 1,363.193 for Russell, 10,691.14 for Nasdaq; 70% of initial levels
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| Trigger levels: | 2,699.63 for S&P, 1,168.451 for Russell, 9,163.83 for Nasdaq; 60% of initial levels
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| Pricing date: | Aug. 8
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| Settlement date: | Aug. 15
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| Agent: | BofA Securities
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| Fees: | 0.75%
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| Cusip: | 13608M548
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