Published on 9/15/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $20 million trigger callable contingent yield notes tied to three indexes
Chicago, Sept. 15 – Canadian Imperial Bank of Commerce priced $20 million of trigger callable contingent yield notes with daily coupon observation due June 16, 2027 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12% if each index’s closing level is at least 70% of its initial level on every day that quarter.
The notes may be called at par plus any coupon otherwise due on any quarterly observation date.
If the notes have not been called and each index finishes at or above its 60% downside threshold level, the payout will be par plus any coupon due. Otherwise, investors will lose 1% for every 1% that the worst performer finishes below 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 callable contingent yield notes with daily coupon observation
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
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| Amount: | $20,000,000
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| Maturity: | June 16, 2027
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| Coupon: | 12% per year, payable quarterly if each index closes at or above its coupon barrier level every day that quarter
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| Price: | Par of $10
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| Payout at maturity: | Par plus any coupon due if the worst performer finishes above the downside threshold level; otherwise, lose 1% for every 1% that the worst performer finishes below its initial level.
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| Call option: | At par plus any coupon otherwise due on any quarterly observation date
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| Initial levels: | 4,487.46 for S&P, 1,855.142 for Russell, 15,461.87 for Nasdaq
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| Coupon barrier levels: | 3,141.22 for S&P, 1,298.599 for Russell, 10,823.31 for Nasdaq; 70% of initial levels
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| Downside threshold levels: | 2,692.48 for S&P, 1,113.085 for Russell, 9,277.12 for Nasdaq; 60% of initial levels
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| Pricing date: | Sept. 11
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| Settlement date: | Sept. 14
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| Agents: | UBS Financial Services Inc. and CIBC Capital Markets
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| Fees: | 1%
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| Cusip: | 13608M290
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