Published on 10/30/2023 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $10.3 million step-down trigger autocallable notes on indexes, ETF
Chicago, Oct. 30 – Canadian Imperial Bank of Commerce priced $10.3 million of 0% step-down trigger autocallable notes due Oct. 25, 2027 tied to the least performing of the SPDR Dow Jones Industrial Average ETF Trust, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If all three underliers close above their initial levels on any of the annual call observation dates, the notes will be called at par plus a 12.3% annualized call premium.
The maturity date premium is 49.2% and will be paid if all three assets close above the 70% downside threshold on the final valuation date.
Otherwise, investors will be fully exposed to the losses of the least performing asset.
CIBC World Markets Corp. and UBS Financial Services Inc. are the agents.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Step-down trigger autocallable notes
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| Underlying assets: | S&P 500 index, SPDR Dow Jones Industrial Average ETF Trust, Russell 2000 index
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| Amount: | $10,300,000
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| Maturity: | Oct. 25, 2027
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 49.2% maturity date premium if all three assets close above downside threshold; otherwise, full exposure to losses of worst performer
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| Call option: | At par plus 12.3% annualized call premium if all three assets close above initial levels on any annual call observation date
|
| Initial levels: | 4,224.16 for S&P, 1,680.792 for Russell, $331.19 for ETF
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| Trigger levels: | 2,956.91 for S&P, 1,176.554 for Russell, $231.83 for ETF; 70% of initial levels
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| Strike date: | Oct. 20
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| Pricing date: | Oct. 23
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| Settlement date: | Oct. 25
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| Agents: | CIBC World Markets Corp. and UBS Financial Services Inc.
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| Fees: | 0.5%
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| Cusip: | 13608M118
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