Published on 1/22/2024 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $4 million autocallable barrier notes tied to two indexes, ETF
By William Gullotti
Buffalo, N.Y., Jan. 22 – Canadian Imperial Bank of Commerce priced $4 million of 0% autocallable barrier notes due Jan. 18, 2029 linked to the Russell 2000 index, the S&P 500 index and the SPDR Dow Jones Industrial Average ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically redeemed at par plus an annualized 10.9% premium if each underlier closes at or above its initial level on any annual observation date.
If the notes are not called and each underlier finishes at or above its 70% trigger level, the payout at maturity will be par plus 54.5%.
If the worst performer declines beyond its trigger level but finishes at or above its 65% barrier level, the payout will be par. Otherwise, investors will lose 1% for each 1% that the final level of the worst performer is less than its initial level.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Autocallable barrier notes
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| Underlying assets: | S&P 500 index, SPDR Dow Jones Industrial Average ETF Trust, Russell 2000 index
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| Amount: | $4 million
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| Maturity: | Jan. 18, 2029
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If each underlier finishes at or above trigger level, par plus 54.5%; if worst performer finishes below trigger level but at or above barrier level, par; otherwise, investors will be fully exposed to the decline of the worst performer from its initial level
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| Call: | At par plus annualized 10.9% premium if each underlier closes at or above its initial level on any annual observation date
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| Initial levels: | $377.17 for ETF, 4,780.24 for S&P, 1,955.456 for Russell
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| Trigger levels: | $264.02 for ETF, 3,346.17 for S&P, 1,368.819 for Russell; 70% of initial levels
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| Barrier levels: | $245.16 for ETF, 3,107.16 for S&P, 1,271.046 for Russell; 65% of initial levels
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| Strike date: | Jan. 11
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| Pricing date: | Jan. 12
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| Settlement date: | Jan. 18
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0.3%
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| Cusip: | 13607XQ67
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