Published on 2/21/2024 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $2.72 million contingent coupon autocallable barrier notes on ETFs
By Wendy Van Sickle
Columbus, Ohio, Feb. 21 – Canadian Imperial Bank of Commerce priced $2.72 million of contingent coupon autocallable barrier notes due Feb. 17, 2028 linked to the performance of Health Care Select Sector SPDR fund, the SPDR S&P 500 ETF trust and the SPDR Dow Jones Industrial Average ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annualized rate of 9.1% if each underlier closes at or above its coupon barrier level, 75% of its initial level, on a related observation date.
The notes will be called at par plus the coupon if each underlier closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon, if any, unless any underlier finishes below its 70% barrier level, in which case investors will lose 1% for every 1% 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: | Health Care Select Sector SPDR fund, SPDR S&P 500 ETF trust, SPDR Dow Jones Industrial Average ETF Trust
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Amount: | $2,722,000
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Maturity: | Feb. 17, 2028
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Coupon: | 9.1% per year, payable quarterly if each underlier 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 any, unless any underlier finishes below barrier level, in which case full exposure to the decline of the worst performer from its initial level
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Call: | At par plus coupon if each underlier closes at or above initial level on any quarterly observation date after six months
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Initial levels: | $382.82 for SPDR Dow ETF, $494.08 for SPDR S&P 500 ETF, $142.86 for Health Care
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Coupon barrier levels: | $287.12 for SPDR Dow ETF, $370.56 for SPDR S&P 500 ETF, $107.15 for Health Care; 75% of initial levels
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Barrier levels: | $267.97 for SPDR Dow ETF, $345.86 for SPDR S&P 500 ETF, $100.00 for Health Care; 70% of initial levels
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Strike date: | Feb. 13
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Pricing date: | Feb. 14
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Settlement date: | Feb. 20
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Agent: | CIBC World Markets Corp.
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Fees: | 0.2%
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Cusip: | 13607XQR1
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