Published on 12/6/2021 in the Prospect News Structured Products Daily.
New Issue: CIBC sells $805,000 autocallable barrier notes on four stocks
Chicago, Dec. 6 – Canadian Imperial Bank of Commerce priced $805,000 of 0% autocallable barrier notes due April 2, 2026 linked to the worst performing of the stocks of Amazon.com, Inc., Walt Disney Co., Caterpillar Inc. and Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annualized 17.7% premium if each stock closes above its call level, 95% of initial level, on any quarterly observation date.
The payout at maturity will be par plus the 88.5% call premium unless any stock 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
|
| Issue: | Autocallable barrier notes
|
| Underlying stocks: | Amazon.com, Inc., Walt Disney Co., Caterpillar Inc. and Apple Inc.
|
| Amount: | $805,000
|
| Maturity: | April 2, 2026
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus an 88.5% call premium if all stocks finish above 65% principal barrier level, in which case full exposure to any losses of the least-performing stock
|
| Call: | At par plus 17.7% annualized premium if each stock closes above call level on any quarterly observation date
|
| Initial levels: | $119.90 for Apple, $3,055.29 for Amazon, $233.08 for Caterpillar and $185.53 for Disney
|
| Call levels: | 95% of initial levels
|
| Principal barrier levels: | $77.94 for Apple, $1,985.94 for Amazon, $151.50 for Caterpillar and $120.59 for Disney, 65% of initial levels
|
| Pricing date: | March 30
|
| Settlement date: | April 5
|
| Agent: | CIBC World Markets Corp.
|
| Fees: | 1.25%
|
| Cusip: | 13605W2P5
|
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