Published on 8/1/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $24.33 million autocallable Stars linked to S&P 500
By William Gullotti
Buffalo, N.Y., Aug. 1 – Canadian Imperial Bank of Commerce priced $24.33 million of autocallable Strategic Accelerated Redemption Securities due July 27, 2029 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus a premium if the closing level of the index is greater than or equal to its starting value on any annual observation date, including maturity. The call premium will be 8.8% per year.
If the notes are not called at maturity, investors will be fully exposed to any index decline.
BofA Securities, Inc. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Autocallable Strategic Accelerated Redemption Securities
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Underlying index: | S&P 500 index
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Amount: | $24,326,400
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Maturity: | July 27, 2029
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If not called, full exposure to index decline
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Call: | Notes will be called at par plus a premium if the closing level of the index is greater than or equal to its starting value on any annual observation date including maturity; call premium will be 8.8% per year
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Initial level: | 4,537.41
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Pricing date: | July 27
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Settlement date: | Aug. 3
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Agent: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 13607Y428
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