Published on 1/28/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $267,000 contingent market-linked autocalls on indexes
By Wendy Van Sickle
Columbus, Ohio, Jan. 28 – Canadian Imperial Bank of Commerce priced $267,000 of market-linked securities – autocallable with contingent coupon and contingent downside due Aug. 27, 2025 linked to the least 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.
The notes will pay a contingent quarterly coupon at an annual rate of 7.35% if each index closes at or above its 80% coupon threshold on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any observation date after six months.
The payout at maturity will be par unless any index finishes below its 80% downside threshold, in which case the payout will be par plus the return of the worst performing index with full exposure to any losses.
Wells Fargo Securities, LLC is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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Underlying indexes: | S&P 500 index, Russell 2000 index and Dow Jones industrial average
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Amount: | $267,000
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Maturity: | Aug. 27, 2025
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Coupon: | 7.35% annualized, payable quarterly if each index closes at or above 80% coupon threshold on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any index falls by more than 20%, in which case 1% loss per 1% decline of worst performing index
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Call: | At par if each index closes at or above its initial level on any observation date after six months
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Initial levels: | 4,528.79 | for S&P, 35,399.84 for Dow, 2,265.99 for Russell
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Coupon thresholds: | 3,623.032 for S&P, 28,319.872 for Dow, 1,812.792 for Russell; 80% of initial levels
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Threshold levels: | 3,623.032 for S&P, 28,319.872 for Dow, 1,812.792 for Russell; 80% of initial levels
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Pricing date: | Aug. 30
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Settlement date: | Sept. 2
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Agent: | Wells Fargo Securities, LLC
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Fees: | 2.175%
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Cusip: | 13605W5S6
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