Published on 2/7/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $1.61 million contingent coupon autocallable notes on stocks
Chicago, Feb. 7 – Canadian Imperial Bank of Commerce priced $1.61 million of contingent coupon autocallable notes due April 18, 2024 linked to the worst performing of the common stocks of Netflix, Inc., Square, Inc. and salesforce.com, inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 14.52% if each stock closes at or above its barrier level, 60% of its initial level, on a related observation date.
The notes will be called at par if each stock closes above its initial level on any quarterly autocall observation date after six months.
The payout at maturity will be par plus the coupon due unless any stock finishes below its 60% principal barrier level, in which case investors will be fully exposed to any losses of the least-performing stock.
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 stocks: | Netflix, Inc., Square, Inc. and salesforce.com, inc.
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Amount: | $1,606,000
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Maturity: | April 18, 2024
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Coupon: | 14.52% per year, payable monthly if each index closes at or above its coupon barrier level on observation date
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Price: | Par
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Payout at maturity: | Par plus any coupon unless any stock finishes below principal barrier level, in which case full exposure to any losses of least-performing stock
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Call: | At par if each stock closes above initial level on any quarterly autocall observation date after six months
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Initial levels: | $233.00 for salesforce, $549.22 for Netflix, $263.08 for Square
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Coupon barrier levels: | $139.80 for salesforce, $329.53 for Netflix, $157.85 for Square; 60% of initial levels
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Principal barrier levels: | $139.80 for salesforce, $329.53 for Netflix, $157.85 for Square; 60% of initial levels
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Pricing date: | April 15
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Settlement date: | April 20
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Agent: | CIBC World Markets Corp.
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Fees: | 3.098%
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Cusip: | 13605W3G4
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