Published on 4/26/2022 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $23.7 million trigger autocallable contingent yield notes on two indexes
By Wendy Van Sickle
Columbus, Ohio, April 26 – Canadian Imperial Bank of Commerce priced $23.7 million of trigger autocallable contingent yield notes due April 27, 2027 linked to the least performing of the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at the rate of 8.5% per year if each index closes at or above its coupon barrier, 70% of its initial level, on the related observation date.
The notes will be automatically called at par plus coupon if each index closes at or above its initial level on any quarterly call observation date after six months.
If the notes are not called and the final level of each index is greater than or equal to the downside threshold level, 70% of the initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% that the worst performer declines from its initial level.
UBS Financial Services Inc. and CIBC Capital Markets are the agents.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Trigger autocallable contingent yield notes
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Underlying indexes: | S&P 500 index, Euro Stoxx 50 index
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Amount: | $23,700,250
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Maturity: | April 27, 2027
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Coupon: | 8.5% per year, paid quarterly, if each index closes at or above its coupon barrier on any related observation date
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold, par plus final coupon; otherwise, 1% loss for each 1% decline of laggard index from initial level
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Call: | Automatically at par plus coupon if each index closes at or above initial level on any quarterly call observation date after six months
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Initial levels: | 4,271.78 for S&P, 3,840.01 for Stoxx
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Coupon barrier levels: | 2,990.25 for S&P, 2,688.01 for Stoxx; 70% of initial levels
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Downside thresholds: | 2,990.25 for S&P, 2,688.01 for Stoxx; 70% of initial levels
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Pricing date: | April 22
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Settlement date: | April 27
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Agents: | UBS Financial Services Inc. and CIBC Capital Markets
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Fees: | 2.25%
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Cusip: | 13608J834
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