Published on 2/14/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $8 million contingent coupon autocallable barrier notes on three indexes
By William Gullotti
Buffalo, N.Y., Feb. 14 – Canadian Imperial Bank of Commerce priced $8 million of contingent coupon autocallable barrier notes due May 14, 2024 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 11.8% if each index closes at or above its barrier level, 70% 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 if each index finishes at or above its 70% coupon barrier.
If the worst performer finishes below its coupon barrier but at or above its 65% principal barrier level, the payout will be par. Otherwise, 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: | $8 million
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| Maturity: | May 14, 2024
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| Coupon: | 11.8% 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 if each index finishes at or above coupon barrier; if worst performer finishes below coupon barrier but at or above principal barrier level, par; otherwise, full exposure to decline of worst performer from initial level
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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: | 4,250.14 for Stoxx, 12,381.17 for Nasdaq, 4,081.5 for S&P
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| Coupon barrier levels: | 2,975.1 for Stoxx, 8,666.82 for Nasdaq, 2,857.05 for S&P; 70% of initial levels
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| Principal barrier levels: | 2,762.59 for Stoxx, 8,047.76 for Nasdaq, 2,652.98 for S&P; 65% of initial levels
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| Strike date: | Feb. 9
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| Pricing date: | Feb. 10
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| Settlement date: | Feb. 15
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| Agent: | CIBC World Markets Corp.
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| Fees: | None
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| Cusip: | 13607XFW2
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