Published on 2/12/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $6.02 million 8% contingent coupon autocallables tied to indexes
By Tali Rackner
Minneapolis, Feb. 12 – Canadian Imperial Bank of Commerce priced $6.02 million of contingent coupon autocallable notes due Jan. 29, 2021 linked to 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 underlying index closes at or above its 75% 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 price on any semiannual valuation date other than the final date.
The payout at maturity will be par unless either index finishes below its 75% barrier, in which case the payout will be par plus the return of the lesser-performing index with full exposure to any losses.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying indexes: | Russell 2000, Euro Stoxx 50
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| Amount: | $6,024,000
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| Maturity: | Jan. 29, 2021
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| Coupon: | 8% annualized, payable semiannually if each index closes at or above 75% coupon barrier observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless either index falls by more than 25%, in which investors will receive par plus return of lesser-performing index with 1% loss per 1% decline
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| Call: | At par if each index closes at or above its initial level on any semiannual valuation date other than the final date
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| Initial levels: | 1,068.058 for Russell, 3,647.41 for Euro Stoxx
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| Barrier levels: | 1,206.0435 for Russell, 2,735.5575 for Euro Stoxx; 75% of initial levels
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
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| Agents: | CIBC World Markets Corp.
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| Fees: | 2.25%
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| Cusip: | 13605WHV6
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