Published on 6/28/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $3.18 million contingent coupon barrier autocalls on stocks
By Kiku Steinfeld
Chicago, June 28 – Canadian Imperial Bank of Commerce priced $3.18 million of contingent coupon autocallable barrier notes due June 26, 2023 linked to the worst performing of the common stocks of Amazon.com, Inc. and Walt Disney Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annualized rate of 14.3% if each stock closes at or above its barrier level, 75% 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.
The payout at maturity will be par unless any stock finishes below its 75% 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 barrier notes
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Underlying stocks: | Amazon.com, Inc. and Walt Disney Co.
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Amount: | $3,175,000
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Maturity: | June 26, 2023
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Coupon: | 14.3% 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
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Initial levels: | $3,486.90 for Amazon, $172.42 for Disney
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Coupon barrier levels: | $2,615.18 for Amazon, $129.32 for Disney; 75% of initial levels
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Principal barrier levels: | $2,615.18 for Amazon, $129.32 for Disney; 75% of initial levels
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Pricing date: | June 21
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Settlement date: | June 24
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Agent: | CIBC World Markets Corp.
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Fees: | 0.4%
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Cusip: | 13605W4K4
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