Published on 4/16/2021 in the Prospect News Structured Products Daily.
New Issue: RBC sells $1.11 million callable contingent coupon barrier notes on Russell, S&P, Dow ETF
By Wendy Van Sickle
Columbus, Ohio, April 16 – Canadian Imperial Bank of Commerce priced $1.11 million of issuer callable contingent coupon barrier notes due April 6, 2026 linked to the least performing of the Russell 2000 index, the S&P 500 index and the SPDR Dow Jones industrial average ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7% if each asset closes at or above its 70% coupon barrier on the related quarterly observation date.
The notes will be callable at par on any coupon payment date after six months.
The payout at maturity will be par unless either asset finishes below the 60% trigger level, in which case investors will lose 1% for every 1% decline of the worse performing asset.
CIBC World Markets is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Issuer callable contingent coupon barrier notes
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| Underlying assets: | Russell 2000 index, S&P 500 index and SPDR Dow Jones industrial average ETF
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| Amount: | $1,107000
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| Maturity: | April 6, 2026
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| Coupon: | 7%, payable each quarter that each asset closes at or above coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either asset finishes below trigger level, in which case full exposure to decline of worse performing asset
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| Call: | At par on any coupon payment date beginning Oct. 5, 2021
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| Initial levels: | 3,972.89 for S&P, 2,220.519 for Russell, $330.18 for Dow
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| Coupon barriers: | 2,781.02 for S&P, 1,554.363 for Russell, $231.13 for Dow; 70% of initial levels
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| Trigger levels: | 2,383.73 for S&P, 1,332.311 for Russell, $198.11 for Dow; 60% of initial levels
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| Pricing date: | March 31
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| Settlement date: | April 6
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| Agent: | CIBC World Markets
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| Fees: | 0.25%
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| Cusip: | 13605W2Q3
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