Published on 2/14/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $6.79 million contingent coupon autocallable notes on three stocks
By Taylor Fox
New York, Feb. 16 – Canadian Imperial Bank of Commerce priced $6.79 million of contingent coupon autocallable notes due Jan. 19, 2024 linked to the worst performing of the common stocks of the Walt Disney Co., PayPal Holdings, Inc. and United Parcel Service, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 11.4% if each stock closes at or above its barrier level, 60% of its initial level, on a related observation date.
The notes will be called at par if each stock closes above its initial level on any quarterly autocall observation date after six months.
The payout at maturity will be par unless any stock finishes below its 60% principal barrier level, in which case investors will be fully exposed to any losses of the least-performing stock.
CIBC World Markets Corp. is the agent.
Issuer: | Canadian Imperial Bank of Commerce
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Issue: | Contingent coupon autocallable notes
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Underlying stocks: | Walt Disney Co., PayPal Holdings, Inc. and United Parcel Service, Inc.
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Amount: | $6,789,000
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Maturity: | Jan. 19, 2024
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Coupon: | 11.4% per year, payable monthly if each index 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 unless any stock finishes below principal barrier level, in which case full exposure to any losses of least-performing stock
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Call: | At par if each stock closes above initial level on any quarterly autocall observation date after six months
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Initial levels: | $171.44 for Disney, $239.79 for PayPal and $158.90 for United Parcel
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Coupon barrier levels: | $102.86 for Disney, $143.87 for PayPal and $95.34 for United Parcel; 60% of initial levels
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Principal barrier levels: | $102.86 for Disney, $143.87 for PayPal and $95.34 for United Parcel; 60% of initial levels
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Pricing date: | Jan. 15
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Settlement date: | Jan. 21
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Agent: | CIBC World Markets Corp.
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Fees: | 3.5%
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Cusip: | 13605WT27
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