Published on 11/24/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $9.54 million contingent coupon autocallable barrier notes on indexes, ETFs
By Wendy Van Sickle
Columbus, Ohio, Nov. 24 – Canadian Imperial Bank of Commerce priced $9.54 million of contingent coupon autocallable barrier notes due Nov. 21, 2024 linked to the worst performing of the S&P 500 index, the SPDR Dow Jones industrial average ETF trust and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 8.736% if each asset closes at or above its barrier level, 65% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each asset closes above its initial level on any quarterly autocall observation date.
The payout at maturity will be par plus the final coupon unless any asset finishes below its 65% principal barrier level, in which case 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 assets: | S&P 500 index, SPDR Dow Jones industrial average ETF trust and Russell 2000 index
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| Amount: | $9,537,000
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| Maturity: | Nov. 21, 2024
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| Coupon: | 8.736% per year, payable monthly if each asset closes at or above coupon barrier level on observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless any asset finishes below principal barrier level, in which case full exposure to losses of least-performing asset
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| Call: | At par plus coupon if each asset closes above initial level on any quarterly autocall observation date
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| Initial levels: | 4,704.54 for S&P, $359.35 for Dow ETF, 2,363.589 for Russell
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| Coupon barrier levels: | 3,057.95 for S&P, $233.58 for Dow ETF, 1,536.333 for Russell; 65% of initial levels
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| Principal barrier levels: | 3,057.95 for S&P, $233.58 for Dow ETF, 1,536.333 for Russell; 65% of initial levels
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| Pricing date: | Nov. 18
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| Settlement date: | Nov. 23
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| Agent: | CIBC World Markets Corp.
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| Fees: | 0%
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| Cusip: | 13607X2P1
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