Published on 10/28/2016 in the Prospect News Structured Products Daily.
New Issue: CIBC prices $3.75 million contingent coupon autocallables linked to Apple, Cisco, Disney
By Angela McDaniels
Tacoma, Wash., Oct. 28 – Canadian Imperial Bank of Commerce priced $3.75 million of contingent coupon autocallable equity-linked notes due Oct. 31, 2018 linked to the lowest performing of the common stocks of Apple Inc., Cisco Systems, Inc. and Walt Disney Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 10% per year if the lowest-performing stock closes at or above its coupon barrier, 70% of its initial share price, on the valuation date for that quarter.
The notes will be automatically called at par if the lowest-performing stock closes at or above its initial share price on any valuation date other than the final valuation date.
If the final share price of the lowest-performing stock is greater than or equal to its principal barrier, 60% of its initial share price, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% that the lowest-performing stock declines from its initial level, subject to a minimum payment at maturity of $10 per $1,000 principal amount of notes.
Janney Montgomery Scott LLC is the underwriter.
| Issuer: | Canadian Imperial Bank of Commerce
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| Issue: | Contingent coupon autocallable equity-linked notes
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| Underlying stocks: | Apple Inc. (Symbol: AAPL), Cisco Systems, Inc. (Symbol: CSCO) and Walt Disney Co. (Symbol: DIS)
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| Amount: | $3.75 million
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| Maturity: | Oct. 31, 2018
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| Coupon: | Each quarter, notes pay contingent coupon at rate of 10% per year if lowest-performing stock closes at or above coupon barrier on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | If final share price of lowest-performing stock is greater than or equal to principal barrier, par; otherwise, 1% loss for each 1% that lowest-performing stock declines from initial share price, subject to minimum payment at maturity of $10 per note
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| Call: | Automatically called at par if lowest-performing stock closes at or above initial share price on any valuation date other than final valuation date
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| Initial share prices: | $115.59 for Apple, $30.55 for Cisco and $93.49 for Disney
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| Coupon barriers: | $80.91 for Apple, $21.39 for Cisco and $65.44 for Disney; 70% of initial share prices
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| Principal barriers: $69.39 for Apple, $18.33 for Cisco and $50.09 for Disney; 60% of initial share prices
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| Pricing date: | Oct. 26
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| Settlement date: | Oct. 31
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| Underwriter: | Janney Montgomery Scott LLC
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| Fees: | 3.25%
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| Cusip: | 13605WBW0
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