Published on 5/14/2019 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $4.5 million contingent coupon autocallables linked to S&P, Russell
By Angela McDaniels
Tacoma, Wash., May 14 – Canadian Imperial Bank of Commerce priced $4.5 million of contingent coupon autocallable notes due May 15, 2020 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 9.84% per year if the lesser-performing index closes at or above its coupon barrier level, 85% of its initial level, on the determination date for that quarter.
If the lesser-performing index closes at or above its initial level on Nov. 7, 2019 or Feb. 10, 2020, the notes will be automatically called at par.
If the notes have not been called, the payout will be par if the lesser-performing index finishes at or above its principal barrier level, 80% of its initial level. Otherwise, investors will lose 1% for every 1% that the lesser-performing index declines from its initial level.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
|
| Issue: | Contingent coupon autocallable notes
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| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $4.5 million
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| Maturity: | May 15, 2020
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| Coupon: | 9.84% per year, payable quarterly if lesser-performing index closes at or above coupon barrier level on determination date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par if lesser-performing index finishes at or above principal barrier level; otherwise, 1% loss for every 1% that lesser-performing index declines from initial level.
|
| Call: | Automatically at par if lesser-performing index closes at or above initial level on Nov. 7, 2019 or Feb. 10, 2020
|
| Initial levels: | 2,881.40 for S&P 500 and 1,572.993 for Russell 2000
|
| Coupon barrier levels: | 2,449.19 for S&P 500 and 1,337.044 for Russell 2000, or 85% of initial levels
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| Principal barrier levels: | 2,305.12 for S&P 500 and 1,258.394 for Russell 2000, or 80% of initial levels
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| Pricing date: | May 10
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| Settlement date: | May 15
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| Agent: | CIBC World Markets Corp.
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| Fees: | 1%
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| Cusip: | 13605WQX2
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