Published on 12/18/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $5.43 million trigger callable contingent yield notes on Russell, S&P
By Wendy Van Sickle
Columbus, Ohio, Dec. 18 – Canadian Imperial Bank of Commerce priced $5.43 million of trigger callable contingent yield notes due June 18, 2025 tied to the least performing of the Russell 2000 index and the S&P 500 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 7.55% if each index’s closing level is at least 60% of its initial level on the corresponding observation date.
The notes will be callable at par on any quarterly observation date.
If the notes are not called and each index finishes at or above its 60% trigger level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.
UBS Financial Services Inc. and CIBC Capital Markets are the agents.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Trigger callable contingent yield notes
|
| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $5,425,000
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| Maturity: | June 18, 2025
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| Coupon: | 7.55% per year, payable quarterly if each index closes at or above its coupon barrier on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon unless any index finishes below its trigger level, in which case full exposure to the losses of the worst performing index
|
| Call option: | At par on any quarterly observation date
|
| Initial levels: | 1,947.505 for Russell, 4,707.09 for S&P
|
| Coupon barrier levels: | 1,168.503 for Russell, 2,824.25 for S&P; 60% of initial levels
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| Trigger levels: | 1,168.503 for Russell, 2,824.25 for S&P; 60% of initial levels
|
| Pricing date: | Dec. 14
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| Settlement date: | Dec. 18
|
| Agents: | UBS Financial Services Inc. and CIBC Capital Markets
|
| Fees: | 0.75%
|
| Cusip: | 13608P350
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