Published on 11/14/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $9 million issuer callable contingent coupon barrier notes on three indexes
Chicago, Nov. 14 – Canadian Imperial Bank of Commerce priced $9 million of issuer callable contingent coupon barrier notes due Nov. 14, 2024 tied to the worst performing of 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 10.64% 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.
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 its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above the 65% trigger level, the payout will be par. 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 notes
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index, Russell 2000 index
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| Amount: | $9,000,000
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| Maturity: | Nov. 14, 2024
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| Coupon: | 10.64% 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 if each index finishes at or above coupon barrier level; if worst performer finishes below coupon barrier but at or above trigger level, par; otherwise, 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: | 4,347.35 for S&P, 1,687.239 for Russell, 15,187.90 for Nasdaq
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| Coupon barrier levels: | 3,043.15 for S&P, 1,181.067 for Russell, 10,631.53 for Nasdaq; 70% of initial levels
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| Trigger levels: | 2,825.78 for S&P, 1,096.705 for Russell, 9,872.14 for Nasdaq; 65% of initial levels
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| Strike date: | Nov. 9
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| Pricing date: | Nov. 10
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| Settlement date: | Nov. 15
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0%
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| Cusip: | 13607XP35
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