Published on 7/13/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $3.08 million issuer callable contingent coupon barrier notes on three indexes
By William Gullotti
Buffalo, N.Y., July 13 – Canadian Imperial Bank of Commerce priced $3.08 million issuer callable contingent coupon barrier notes due Jan. 12, 2023 tied to the S&P 500 index, the Russell 2000 index and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 9% if all indexes close above their 70% coupon barrier on any observation date for that quarter.
After one year, the notes may be called at par plus any coupon due at the option of the issuer on any quarterly coupon payment date.
Investors will receive par plus the contingent coupon if the final level of the least performing index is above its 70% trigger level.
Otherwise, investors will be fully exposed to the worst performer’s decline from its initial level.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Issuer callable contingent coupon barrier note
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index, Russell 2000 index
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| Amount: | $3,077,000
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| Maturity: | Jan. 12, 2023
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| Coupon: | 9% per year, paid quarterly if all indexes close above coupon barriers any observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless any index closes below trigger level, in which case full exposure to losses of least performing index
|
| Call option: | After one year, at par plus any coupon due at the option of the issuer on any quarterly coupon payment date
|
| Initial levels: | 4,320.82 for S&P, 2,231.677 for Russell, 14,722.14 for Nasdaq
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| Coupon barrier levels: | 3,024.57 for S&P, 1,562.174 for Russell, 10,305.5 for Nasdaq; 70% of initial levels
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| Trigger levels: | 3,024.57 for S&P, 1,562.174 for Russell, 10,305.5 for Nasdaq; 70% of initial levels
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| Strike date: | July 8
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| Pricing date: | July 9
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| Settlement date: | July 14
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0.3%
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| Cusip: | 13605W5C1
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