Published on 11/16/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $6 million contingent coupon autocallable barrier notes on three indexes
By William Gullotti
Buffalo, N.Y., Nov. 16 – Canadian Imperial Bank of Commerce priced $6 million of contingent coupon autocallable barrier notes due Nov. 16, 2022 linked to the performance of S&P 500 index, the Nasdaq-100 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 11.16% if each index closes at or above its barrier level, 75% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each index closes above its initial level on any quarterly observation date.
The payout at maturity will be par plus the final coupon unless any index finishes below its 75% principal barrier level, in which case investors will be fully exposed to the decline of the worst performer from its initial level.
CIBC World Markets Corp. is the agent.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable barrier notes
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| Underlying indexes: | S&P 500 index, Nasdaq-100 index, Euro Stoxx 50 index
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| Amount: | $6 million
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| Maturity: | Nov. 16, 2022
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| Coupon: | 11.16% per year, payable quarterly 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 the final coupon unless any index finishes below principal barrier level, in which case full exposure to any losses of the worst performer
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| Call: | At par plus coupon if each index closes above initial level on any quarterly observation date
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| Initial levels: | 4,358.0 for Stoxx, 16,032.47 for Nasdaq, 4,649.27 for S&P
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| Coupon barrier levels: | 3,268.5 for Stoxx, 12,024.35 for Nasdaq, 3,486.95 for S&P; 75% of initial levels
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| Principal barrier levels: | 3,268.5 for Stoxx, 12,024.35 for Nasdaq, 3,486.95 for S&P; 75% of initial levels
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| Strike date: | Nov. 11
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| Pricing date: | Nov. 12
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| Settlement date: | Nov. 17
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| Agent: | CIBC World Markets Corp.
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| Fees: | None
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| Cusip: | 13607X2J5
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