Published on 9/24/2020 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $3.59 million contingent coupon autocallable notes on indexes
By Wendy Van Sickle
Columbus, Ohio, Sept. 24 – Canadian Imperial Bank of Commerce priced $3.59 million of contingent coupon autocallable notes due Sept. 20, 2023 linked to the lowest performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
If the least-performing index closes at or above the barrier level, 70% of the initial level, on a quarterly observation date, the notes will pay a contingent coupon for that quarter at an annualized rate of 9%.
The notes will be called at par if the indexes close at or above their initial share prices on any observation date.
The payout at maturity will be par unless any underlying index finishes below its 70% final barrier level, in which case investors will be fully exposed to the decline of the least-performing index.
CIBC World Markets is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Dow Jones industrial average
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| Amount: | $3.59 million
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| Maturity: | Sept. 20, 2023
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| Coupon: | 9% annualized, payable quarterly if each index closes at or above barrier level on observation date for quarter
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| Price: | Par
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| Payout at maturity: | Par unless any underlying index finishes below its barrier level, in which case full exposure to decline of least-performing index
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| Call: | At par plus coupon if each index closes at or above initial level on any observation date
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| Initial levels: | 3,401.20 for S&P, 1,538.154 for Russell and 27,995.6 for Dow
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| Barrier levels: | 2,380.84 for S&P, 1,076.708 for Russell and 19,596.92 for Dow, 70% of initial levels
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| Pricing date: | Sept. 15
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| Settlement date: | Sept. 18
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| Agent: | CIBC World Markets
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| Fees: | 2%
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| Cusip: | 13605WF30
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