Published on 2/21/2018 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $1.57 million 8% contingent coupon autocallables tied to indexes
By Wendy Van Sickle
Columbus, Ohio, Feb. 21 – Canadian Imperial Bank of Commerce priced $1.57 million of contingent coupon autocallable notes due Aug. 19, 2019 linked to the S&P 500 index, the Russell 2000 index and the Nasdaq 100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly 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 valuation date other than the final date.
The payout at maturity will be par unless either any finishes below its initial level and any index closes below the 75% barrier any day during the life of the notes, 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
|
| Issue: | Contingent coupon autocallable notes
|
| Underlying indexes: | Russell 2000, S&P 500, Nasdaq 100
|
| Amount: | $1,566,000
|
| Maturity: | Aug. 19, 2019
|
| Coupon: | 8% annualized, payable quarterly if each index closes at or above 70% coupon barrier observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below initial level and any index closes below 70% barrier during life of notes, in which investors will receive par plus return of lesser-performing index with 1% loss per 1% decline
|
| Call: | At par if each index closes at or above its initial level on any valuation date other than the final date
|
| Initial levels: | 1,522.096 for Russell, 2,698.63 for S&P, 6,675.032 for Nasdaq
|
| Barrier levels: | 1,065.4672 for Russell, 1,889.041 for S&P, 4,672.5224 for Nasdaq; 70% of initial levels
|
| Pricing date: | Feb. 14
|
| Settlement date: | Feb. 16
|
| Agents: | CIBC World Markets Corp.
|
| Fees: | 2%
|
| Cusip: | 13605WJQ5
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
