Published on 5/2/2017 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $2.98 million contingent coupon autocallables tied to Russell, Stoxx
By Susanna Moon
Chicago, May 2 – Canadian Imperial Bank of Commerce priced $2.98 million of autocallable contingent coupon notes due April 28, 2020 linked to the worse performing of the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 8% if each index closes at or above its 70% coupon barrier on the observation date for that period.
The notes will be called at par if each index closes at or above its initial level on any valuation date other than the final date.
The payout at maturity will be par plus the contingent coupon unless either index finishes below its 70% barrier level, in which case investors will be fully exposed to the decline of the worse performing index.
Janney Montgomery Scott is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Autocallable contingent coupon notes
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| Underlying indexes: | Russell 2000, Euro Stoxx 50
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| Amount: | $2,979,000
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| Maturity: | April 28, 2020
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| Coupon: | 8% per year, payable semiannually if each index closes at or above 70% coupon barrier on determination date for that period
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless either index falls below 70% barrier level, in which case full exposure to losses of worse performing index
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| Call: | At par if each index closes at or above its initial level on any valuation date other than the final date
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| Initial levels: | 1,419.431 for Russell and 3,578.71 for Stoxx
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| Barrier levels: | 993.602 for Russell and 2,505.097 for Stoxx; 70% of initial levels
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| Pricing date: | April 26
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| Settlement date: | April 28
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| Underwriter: | Janney Montgomery Scott
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| Fees: | 2.25%
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| Cusip: | 13605WCU3
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