Published on 4/11/2024 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $10 million contingent market-linked autocalls on ETF, indexes
By Wendy Van Sickle
Columbus, Ohio, April 11 – Canadian Imperial Bank of Commerce priced $10 million of 0% market-linked securities – autocallable with contingent downside due April 13, 2028 linked to the performance of the S&P 500 index, the Russell 2000 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 called at par plus a 10.62% annualized call premium if each asset closes at or above the initial level on any annual observation date.
The payout at maturity will be par plus 42.48% if each asset finishes at or above its 70% downside threshold. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Market linked securities – autocallable with contingent downside
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| Underlying assets: | S&P 500 index, Russell 2000 index, SPDR Dow Jones Industrial Average ETF Trust
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| Amount: | $10 million
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| Maturity: | April 13, 2028
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 42.48% if each asset finishes at or above downside threshold; otherwise, 1% loss for every 1% decline of worst performer from its initial level
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| Call: | At par plus 10.62% annualized call premium if each asset closes at or above its initial level on any annual observation date
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| Initial levels: | 5,202.39 for S&P, 2,073.713 for Russell, $389.10 for ETF
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| Downside thresholds: | 3,641.673 for S&P, 1,451.5991 for Russell, $272.37 for ETF; 70% of initial levels
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| Pricing date: | April 8
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| Settlement date: | April 11
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 0.775%
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| Cusip: | 13607XRP4
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