Published on 8/8/2017 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $2.9 million contingent coupon autocallables on Russell, Dow, S&P
By Wendy Van Sickle
Columbus, Ohio, Aug. 8 – Canadian Imperial Bank of Commerce priced $2.9 million contingent coupon autocallable notes due Feb. 1, 2019 linked to the worst performing of the Dow Jones Industrial Average, the Russell 2000 index and the S&P 500 index, according to a 424B3 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 5.8% 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 one.
The payout at maturity will be par plus the contingent coupon unless any index finishes below its 70% barrier level, in which case investors will be fully exposed to the decline of the worst performing index.
CIBC World Markets Corp. is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
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| Underlying indexes: | Dow Jones Industrial Average, the Russell 2000 index and the S&P 500 index
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| Amount: | $2,895,000
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| Maturity: | Feb. 1, 2019
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| Coupon: | 5.8%, payable quarterly if each index closes at or above its coupon barrier on the observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par plus the contingent coupon unless any index finishes below its barrier level, in which case investors will be fully exposed to the decline of the worst performing index
|
| Call: | At par if each index closes at or above its initial level on any valuation date other than the final one
|
| Initial levels: | 1,433.624 for Russell, 2,475.42 for S&P, 21,796.55 for Dow
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| Coupon barriers: | 1,003.5368 for Russell, 1,732.794 for S&P, 21,796.55 for Dow; 70% of initial levels
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| Barrier levels: | 1,003.5368 for Russell, 1,732.794 for S&P, 21,796.55 for Dow; 70% of initial levels
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| Pricing date: | July 27
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| Settlement date: | Aug. 1
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| Underwriter: | CIBC World Markets Corp.
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| Fees: | 1.75%
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| Cusip: | 13605WEQ0
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